Overview
Social norms play a crucial role in shaping economic decision-making by influencing individual behaviors and societal expectations. They can dictate how people spend, save, and invest their resources, often leading to outcomes that deviate from traditional economic theories. Understanding these norm...
Key Terms
Example: Shaking hands when meeting someone.
Example: People often buy more when items are on sale.
Example: In some cultures, it's customary to remove shoes before entering a home.
Example: Choosing organic products over conventional ones.
Example: Evaluating risks before investing in stocks.
Example: Friends influencing each other to buy the latest smartphone.
Related Topics
Key Concepts
social influencedecision-makingbehavioral economicscultural norms