{"id":87,"date":"2020-03-24T04:51:23","date_gmt":"2020-03-24T04:51:23","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/outcome-economic-rationality\/"},"modified":"2023-05-24T19:32:13","modified_gmt":"2023-05-24T19:32:13","slug":"outcome-economic-rationality","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/outcome-economic-rationality\/","title":{"raw":"Outcome: Economic Rationality","rendered":"Outcome: Economic Rationality"},"content":{"raw":"<h2>What you\u2019ll learn to do:&nbsp;explain the assumption of economic rationality<\/h2>\nEconomists assume that human decision-making is predictable and rational. They believe that, when making choices, people basically try to avoid costs&nbsp;and maximize benefits to themselves.&nbsp;In this section, you'll learn more about the&nbsp;principle of economic rationality and the role it plays in economic models.\n\nThe specific things you\u2019ll learn in this section include the following:\n<ul>\n \t<li>Define rationality in an economic context<\/li>\n \t<li>Provide examples of&nbsp;rational decision-making<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\nThe learning activities for this section include the following:\n<ul>\n \t<li class=\"chapter type-1\">Reading: Rationality and Self-Interest<\/li>\n \t<li class=\"chapter type-1\">Reading: Rationality in Action<\/li>\n<\/ul>","rendered":"<h2>What you\u2019ll learn to do:&nbsp;explain the assumption of economic rationality<\/h2>\n<p>Economists assume that human decision-making is predictable and rational. They believe that, when making choices, people basically try to avoid costs&nbsp;and maximize benefits to themselves.&nbsp;In this section, you&#8217;ll learn more about the&nbsp;principle of economic rationality and the role it plays in economic models.<\/p>\n<p>The specific things you\u2019ll learn in this section include the following:<\/p>\n<ul>\n<li>Define rationality in an economic context<\/li>\n<li>Provide examples of&nbsp;rational decision-making<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li class=\"chapter type-1\">Reading: Rationality and Self-Interest<\/li>\n<li class=\"chapter type-1\">Reading: Rationality in Action<\/li>\n<\/ul>\n","protected":false},"author":32,"menu_order":31,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-87","chapter","type-chapter","status-publish","hentry"],"part":25,"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/87","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/users\/32"}],"version-history":[{"count":1,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/87\/revisions"}],"predecessor-version":[{"id":88,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/87\/revisions\/88"}],"part":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/parts\/25"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/87\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/media?parent=87"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapter-type?post=87"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/contributor?post=87"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/license?post=87"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}