Consumer Choice Behavioral Economics

Video Description – Consumer Choice and Behavioral Economics In this educational lecture, we explore the important microeconomic concepts of consumer choice and behavioral economics and how individuals make decisions when faced with limited income, competing wants, prices, incentives, and psychological influences. These concepts help explain why consumers make the choices they do and why actual decision-making does not always match the predictions of traditional economic models. Topics covered include utility, marginal utility, diminishing marginal utility, budget constraints, consumer equilibrium, income and substitution effects, rational decision-making, behavioral economics, bounded rationality, framing effects, anchoring, loss aversion, the endowment effect, status quo bias, and present bias. The presentation also examines how consumers attempt to maximize satisfaction while facing limited resources and how emotions, habits, expectations, and cognitive biases can influence economic choices. Students will explore how these concepts apply to everyday decisions involving shopping, subscriptions, credit cards, saving, spending, college expenses, entertainment, and other consumer choices. AI & Technology Disclosure This educational presentation was created with the assistance of Murf AI. Murf AI was used to assist with the creation and/or narration of this presentation. The economic concepts, examples, and instructional content were reviewed and edited by the instructor for accuracy, relevance, and alignment with course learning objectives. This video is provided for educational purposes as part of an economics course. Topics: Consumer Choice | Utility | Marginal Utility | Diminishing Marginal Utility | Budget Constraints | Consumer Equilibrium | Income Effect | Substitution Effect | Rational Decision-Making | Behavioral Economics | Bounded Rationality | Framing Effects | Anchoring | Loss Aversion | Endowment Effect | Status Quo Bias | Present Bias | Consumer Behavior AI Tool: Murf AI Purpose: Presentation and/or AI-assisted voice narration