Consumer buying behavior and behavioral economics are crucial in understanding purchasing decisions and economic choices.
Consumer buying behavior is normally included as a major focus in the study of buying behavior. It encompasses the decisions and actions of individuals, groups, or organizations in selecting, acquiring, and disposing of products or services to satisfy their needs.
Consumer behavior blends various disciplines such as psychology, sociology, marketing, and economics to understand how factors like emotions, demographics, and external influences impact purchasing decisions.
Behavioral economics further explores the effects of social, cognitive, and emotional factors on economic choices, shedding light on individual and institutional decision-making processes.
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