Influences economic behavior and decision-making
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Influences economic behavior and decision-making
Economic behavior and decision-making are shaped by a wide range of factors, including individual values, social norms, and external circumstances. One of the most significant factors that can influence economic behavior and decision-making is psychological factors, which include a range of cognitive biases and heuristics that individuals use to simplify complex decisions.
One of the most common psychological factors that can influence economic behavior and decision-making is loss aversion. Loss aversion refers to the tendency of individuals to place more value on avoiding losses than on achieving gains. This can lead individuals to make decisions that are not in their best interests, such as holding onto losing investments or avoiding risky opportunities.
Another psychological factor that can influence economic behavior and decision-making is the availability heuristic. The availability heuristic refers to the tendency of individuals to rely on readily available information when making decisions. For example, individuals may be more likely to invest in a particular stock if it is frequently mentioned in the media, even if there is little evidence to support the investment.
Social factors can also influence economic behavior and decision-making. For example, social norms can affect individuals’ attitudes towards saving, spending, and investing. If saving is seen as a socially responsible behavior, individuals may be more likely to save money, even if it means sacrificing short-term consumption.
Additionally, external circumstances, such as economic shocks or policy changes, can also influence economic behavior and decision-making. For example, a recession may lead individuals to save more and spend less, while a tax cut may encourage individuals to spend more and save less.
To address the influence of psychological, social, and external factors on economic behavior and decision-making, individuals may need to engage in a range of interventions. This can include financial education programs that help individuals develop a better understanding of how their behaviors and decisions can impact their financial well-being. Additionally, policymakers may need to implement regulations and incentives that encourage individuals to make decisions that are in their best interests, such as tax breaks for saving or investing in certain types of assets.
It is also important for individuals to be aware of their own biases and tendencies when making economic decisions. This can involve developing a better understanding of cognitive biases and heuristics and learning how to recognize when they are influencing decision-making. It can also involve seeking out diverse sources of information and considering a range of options before making decisions.
Ultimately, the process of addressing the influence of psychological, social, and external factors on economic behavior and decision-making requires a multifaceted approach that may involve education, policy changes, and individual awareness. It requires a willingness to recognize the limitations of one’s own decision-making processes and to seek out information and resources that can help individuals make more informed decisions. By doing so, individuals can improve their economic outcomes and contribute to a more stable and prosperous society.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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Influences economic behavior and decision-making
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