{"id":5831,"date":"2016-07-19T18:00:50","date_gmt":"2016-07-19T18:00:50","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/macroeconomics\/?post_type=chapter&#038;p=5831"},"modified":"2016-07-19T18:00:50","modified_gmt":"2016-07-19T18:00:50","slug":"outcome-economic-rationality","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/chapter\/outcome-economic-rationality\/","title":{"raw":"Outcome: Economic Rationality","rendered":"Outcome: Economic Rationality"},"content":{"raw":"<h2>What you\u2019ll learn to do:\u00a0explain 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\u00a0and maximize benefits to themselves.\u00a0In this section, you'll learn more about the\u00a0principle 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><li>Define rationality in an economic context<\/li>\n\t<li>Provide examples of\u00a0rational decision-making<\/li>\n<\/ul><h3>Learning Activities<\/h3>\nThe learning activities for this section include the following:\n<ul><li class=\"chapter type-1\">Reading: Rationality and Self-Interest<\/li>\n\t<li class=\"chapter type-1\">Reading: Rationality in Action<\/li>\n\t<li class=\"chapter type-1\">Self Check: Economic Rationality<\/li>\n<\/ul>","rendered":"<h2>What you\u2019ll learn to do:\u00a0explain 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\u00a0and maximize benefits to themselves.\u00a0In this section, you&#8217;ll learn more about the\u00a0principle 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\u00a0rational 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<li class=\"chapter type-1\">Self Check: Economic Rationality<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-5831\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Economic Rationality. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":18,"menu_order":9,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Economic Rationality\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-5831","chapter","type-chapter","status-publish","hentry"],"part":5810,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/5831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/wp\/v2\/users\/18"}],"version-history":[{"count":1,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/5831\/revisions"}],"predecessor-version":[{"id":6036,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/5831\/revisions\/6036"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/parts\/5810"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/5831\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/wp\/v2\/media?parent=5831"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=5831"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/wp\/v2\/contributor?post=5831"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/wp\/v2\/license?post=5831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}