Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Behavioral Economic Social Science

Behavioral Economic Social Science

Lok, Johnny Ch

Paperback

Economics

Currently unavailable to order

ISBN13: 9798500187710
Publisher: Independently Published
Published: May 7 2021
Pages: 58
Weight: 0.30
Height: 0.12 Width: 7.99 Depth: 10.00
Language: English
Behavioral economy theory brings what advantages to our societyWhy do we need behavioral economy to help us to solve social or business problem?Whether what are the actual benefits, they may bring to influence our societies change better? I shall attempt to to explain above question. Economic is the social science that examines how individuals, businesses and entire societies manage scarce resources. Resources are by nature, limited. Only a finite amount of land exists, e.g. and people do not have unlimieted time to meet all of their needs and wants. So, if we can learn ho to apply behavioral economy theory to avoid resources waste, then our societies ought develop better.Our society had changed from traditional economy to develop to nowadays knowledge economy. Traditional economy only produce and take what they need, so there is no waste or inefficiencies involved in produdig the goods required to survive as a society. However, traditional economy also have disadvantages, such as it isolates the people within that economt, large outside economies can win a traditional economy. It offers choices, these may be a lower overall quality of life, it creates specific health risk, unpredictability creates survival uncertainties.Although, our societies had been experiencing knowledge economy, but it also have disadvantage, knowledge economy means that our societies or business organizations need to learn how ro use knowledge management to keep business growth or social developing. Knowledge management is a systematic approach to capturing and making use of a organization collective expertise to create value. The potential advantages of effective knowledge management are significant, but as with most processes, advantages of knowledge management or knowledge econmic society may include: Improved organizational or social productivities better and faster decision making, quicker problem solving, increased rate of innovation, supported employee/citizen growth and development within organizations or societies, sharing of specialiat expertise, better communication, improved business processes.Hence if the organization or society can apply behavioral economic theory to learn knowledge management system, it can help the organization or society to develop better or more easier, e.g. create better products and services, develop better strategies, improve profitability or productivity, reuse existing skills and expertise, increase operational efficiency and staff productivity, recognise market trends early and gain on advantage over rivals make the most of organizations or social intellectual capital . Hence, it explains why when our organizations or societies can apply behavioral economy theory to learn how to apply knowledge management system to develop our organiztations or societies. Then, our societies or organizations will avoid to waste social resource organizational resource as well as achieve more productivities or service improvement, even gain profitability, it is the final aim of why our organizations or / and societies need to attempt to learn how to apply knowledge management system to achieve any objectives in behavioral economy view.On conclusion, behavioral economic is the study of the effect that our societiesand organizations need to learn how psychological factors have on the economic decision making process of individuals. The importance of understanding behavioral economics for marketers is immeasurable as it follows for a better understanding of the human mind. So, behavioral economics plays a important role in our live and in the economy. It helps governments and businesses learn on every day consumers activities and explains why we consume goods and services, the way we do, why we make certain choices, about ourselves or others and how we decide of action .

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