1. What is the difference between a decline in the quantity demanded and a decline in demand? Given an example of something that you now buy less of. Is it an example of a decline in the quantity you demand or a decline in your demand?

2. Behavioral Economics

Traditional economic theory makes a number of simplifying assumptions that may not always be true, e.g., that people always make rational decisions that are in their own best interest. In recent years a new subdiscipline of economics has emerged called behavioral economics that attempts to employ a more realistic set of assumptions about how people behave to explain economic decision-making.

Based on information in this link ( https://www.dummies.com/article/business-careers-money/business/economics/behavioral-economics-vs-conventional-economics-184053/) present two examples from your own experience that illustrate principles of behavioral economics.

Further reading for those with an interest:

Ariely, Dan. 2009. The End of Rational Economics. Harvard Business Review, Jul-Aug.

Connick, Hal. 2018. Read this Story to Learn How Behavioral Economics Can Improve Marketing. Marketing News. Jan.