What is Consumerist Well Being
A measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
What is Consumer Price Index?
All interactions occur within environmental and experiential contexts. Consumers influence markets but do not fully control them.
What is Consumer Power Model?
This term refers to the satisfaction a consumer gains from consuming a good or service.
What Is Utility?
Puts a number on well-being by combining several measures of human well-being.
What Is Human Development Index?
Consumer Behavior is heavily influenced by what is socially acceptable, opinion on the behavior, and motivation to comply.
What is Theory of Reasoned Action?
This approach to economics uses psychology and neuroscience to show that consumers are often emotional, irrational, and influenced by framing effects.
What is behavioral economics (or neuroeconomics)?
Concept that has declined since the 1950s according to the American Psychological Association while consumption has increased/
What is Well-Being?
People evaluate outcomes as gains or losses relative to a reference point, not absolute value.
What is Prospect Theory?
This economic idea explains why each additional unit of a product gives a consumer less satisfaction than the previous one.
What is diminishing marginal utility?