Asked by
Aimee ManFung
on Dec 19, 2024
Verified
Balin purchases fair trade cocoa out of concern for workers' rights and environmental sustainability. He could purchase cocoa of equal quality at a lower price. Behavioral economists would consider Balin's purchase
A) unusual in that it demonstrates concern for others.
B) purely self-interested but motivated by something other than his financial well-being.
C) as evidence that Balin is not acting purely in his self-interest.
D) a bad decision because it ignores important information that could improve Balin's well-being.
Behavioral Economists
Professionals who explore how various psychological, cognitive, emotional, cultural, and social factors affect the economic decisions made by both individuals and institutions.
Fair Trade Cocoa
Cocoa produced and sold under standards designed to support fair pricing and sustainable practices for small-scale cocoa farmers.
- Perceive the implications of fairness and ethical considerations on choices in the economic domain.
Verified Answer
AB
Learning Objectives
- Perceive the implications of fairness and ethical considerations on choices in the economic domain.