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Author Question: What do people try to achieve when they make a decision under uncertainty? What will be an ideal ... (Read 40 times)

cookcarl

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on: Jun 29, 2018
What do people try to achieve when they make a decision under uncertainty?
 
  What will be an ideal response?

Question 2

What is a circular flow diagram and what does it demonstrate?
 
  What will be an ideal response?
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lorealeza

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Reply #1 on: Jun 29, 2018
Answer to Question 1

When making decisions under uncertainty people maximize their expected utility.

Answer to Question 2

A circular flow diagram is a model that illustrates how participants in markets are linked. It shows who supplies and purchases factors of production and who supplies and purchases goods and services.


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