Question: Economics and Consumer Behavior. To study consumer behavior, we must have a foundational understanding of three things. 1. Demand 2. Consumption 3. Consumer's equilibrium First,

Economics and Consumer Behavior.

To study consumer behavior, we must have a foundational understanding of three things.

1. Demand

2. Consumption

3. Consumer's equilibrium

First, tell which of the three metrics is the most important. Next, share an example for each (real world if at all possible that relates to consumer behavior).

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Population

The feeling of boredom.

2. In this chapter, the reader should reflect on the following concepts: