Economics · Unit 2: Microeconomics

EC2.4 — Critique of the maximizing behaviour of consumers and producers (HL only)

Economics · SL / HL · syllabus-mapped notes

1. EC2.4.1

   Rational consumer choice

   Evaluate the assumptions of rational consumer choice against the behavioural critique, biases, bounded rationality, bounded self-control, bounded selfishness and imperfect information.

2. EC2.4.2

   Behavioural economics in action

   Evaluate nudges and choice architecture, default, restricted and mandated choices, as tools for changing behaviour.

3. EC2.4.3

   Business objectives

   Evaluate profit maximization against the alternative objectives firms actually pursue, social responsibility, market share, satisficing and growth.