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Behavioral Economics Lesson One: Introduction to Behavioral Economics
Source: Council for Economic Education (EconEdLink) | Type: Lesson

COMPELLING QUESTION Do people always make economics decisions by strictly weighing the costs and benefits of each alternative? This lesson introduces students to some of the basic concepts addressed in behavioral economics.  The lesson conducts a number of short experiments to illustrate the concepts.  Students learn how the human mind behaves using the ideas of system 1 and system 2.  Students learn how these systems influence economic decision making.  By understanding these concepts, the students can better understand how economics is a subject that can draw from many other disciplines, including psychology.  




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