The “CNN effect” is the phenomenon whereby people’s behavior is influenced by the way in which events are presented in the media. The term was coined in the early 1990s, in relation to the way in which the 24-hour news channel CNN was seen to be influencing the decision-making of US policy-makers during the First … Read more
The term “tit for tat” is used to describe a situation where one person reciprocates the actions of another person. In other words, if person A does something nice for person B, then person B is likely to do something nice for person A in return. This type of reciprocity is often seen as a … Read more
The term “stump the chump” is used to describe a situation in which someone is trying to trick or deceive another person. Can fox eat cats? No, foxes cannot eat cats. There are a few reasons for this. First, cats are generally too quick and agile for foxes to catch. Second, even if a fox … Read more
Game theory is the study of how people behave in strategic situations, in which they have to choose between different actions in order to achieve the best possible outcome for themselves. Game theory can be used to analyze any situation in which there is competition, conflict, or cooperation between different individuals or groups. Is game … Read more
A choke price is the highest price that a consumer is willing to pay for a good or service. In other words, it is the price point at which the consumer “chokes” on the price and is unwilling to pay any more. This concept is important to businesses because it helps them to determine the … Read more
Peer-to-Peer (P2P) Service: Definition and Examples A peer-to-peer (P2P) service is a type of networking where users can connect to each other and share resources without the need for a central server. P2P networks are often used for sharing files, such as music or movies. What are 3 characteristics of a peer-to-peer network? 1. In … Read more
Bioeconomics is a branch of economics that applies the principles of economic analysis to the study of biological systems. It attempts to understand and explain how organisms, populations, and ecosystems interact with each other and with their physical environment. Bioeconomics is a relatively new field of study that is still evolving. Its roots can be … Read more
The bubble theory is a theory that states that people’s perceptions of asset prices can become divorced from reality, leading to irrational exuberance and eventually a market crash. The theory is often used to explain why asset prices sometimes increase to unsustainable levels and then collapse. What happens after an economic bubble? An economic bubble … Read more
Search cost refers to the resources expended by an individual in order to locate a desired good or service. These resources may include time, money, and effort. The concept of search cost is important in understanding consumer behavior and how consumers make decisions. Search costs can influence consumer behavior in a number of ways. For … Read more
Freeganism is an anti-consumerist lifestyle in which people attempt to reuse and recycle products rather than purchasing new ones. Freegans believe that the excessive consumption of resources is harmful to the environment and that by reducing their own consumption, they can help to reduce this harm. Freegans typically salvage food from dumpsters and recycling centers, … Read more
