1.2.1 Rational Decision Making

1. Economic Agents: ... are assumed to seek max profits (5)
4. Economic Agents: ... maximise economic welfare through goods and services consumption (9)
5. ... may want hours that suit them, holiday that is acceptable and a good working environment as well as the highest possible wages (7)
7. Consumers may not behave ... because people prefer happiness over financial gain, people don't think about the future, just the present and sometimes people base things on habit (10)

1. ... might not seek to maximise profits because there are social impacts (worker exploitation) and working environments (5)
2. The 4 ... are Consumers, Workers, Firms and Governments (8, 6)
6. Economic Agents: ... want to maximise welfare of their citizens (11)
8. Economic Agents: ... maximise welfare at work with pay being the key consideration (7)

Get Revising