What is economics?
The branch of knowledge concerned with the production, consumption and transfer of wealth.
What is human behavior?
How people behaves strongly influences products as emerging threats and opportunities rapidly changes the business landscape, organization that truly understands what drives customers and employees to think or act the way they do. This is what behavioral economics is all about.
How does behavioral economics has an impact on market?
The market is highly driven by the behavior and particular need and want of the people. Be it culture, occasions and sometimes which may be climatically driven. Understanding and predicting the need is a biggest challenge of the sellers and manufacturers which includes promotion and creating want of a particular product and determining the longevity.
The constant study and hysterical data helps determine the behavior and demand of a product.
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