Somer G. Anderson is CPA, doctor of accounting, and an accounting and finance professor who has been working in the accounting and finance industries for more than 20 years. Her expertise covers a ...

Discover four key economic concepts: scarcity, supply and demand, costs and benefits, and incentives. Learn how they affect consumer choices and financial decisions.

Fact checked by Ariel Courage Reviewed by Erika Rasure Key Takeaways Utility functions measure consumer preferences and satisfaction with goods or services.They help analyze consumer decisions to ...

Rational choice theory (RCT) theorists believe that most human decisions are based on maximizing a person's own benefits, while minimizing that which can hurt the individual, according to Business ...