What is behavioral economics?
Behavioral economics is a specific discipline which analyzes economics in terms of psychology to understand human behavior in the context of economics. As we know economics is something concerned with production, management, consumption and transfer of wealth, good and services, however, when this is linked in behavioral terms bring a new aspect of economics. It actually studies the effect of psychological, social, cognitive, sensitive factors having an impact on economic or financial outcomes on an individual basis also its influences and consequences on the market, inflation, recession, price inflation, resource, raw material and returns etc.
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Impact of behavioral psychology in economics:
Behavioral economics is a new innovation in the field of economics to bring reforms in this field and with the help of economic assignment help, new economists can bring new in the market.
Behavior in finance: application of psychology in finance is brought up with its blending with economics and enables financiers to bring policies in context for the welfare of human without affecting profits of a company.
Relation with labor: as it enables to study about human behavior, aspects, and their mindset. so, it makes a good impact in relation to employees and labors also ultimately to provide good service to the customers.
Transfer of money: this study brings economy in a new phase to by adding psychological development also which helps in understanding and managing money, its flow, recession, and inflation as well.
Market demand: it studies and observes market on an individual basis by observing their behavior, social impact and emotional aspect of any product or any specific brand. It can help in brand recognition and build huge demand for a product in the market.
Supply of raw materials: it helps in managing well human and societal relation which enables the flow of raw materials, resources and wealth also.
Careers in behavioral economics:
Researcher: a doctorate degree enables you to bring new ideas and innovation for others to study and make a new ground for studies.
Consultant: one can start their own business as a consultant to provide consultation and help even small entrepreneurs also to excel in the market.
Professor: after completing higher studies in this field one can be appointed as a mentor to pass on their knowledge in the respective field to their student.
Management team for any organization: after completing a degree course in behavioral economics one can easily get a job in any organization as a manager or planner.
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