This is the second video in my ‘Economics is Everywhere’ series. This video takes a look at spending and the selection of items in the supermarket. The choices made at the supermarket depends on a number of factors. Some of these factors are as follows:
- The frequency of trips to the supermarket
- The number of people in the household
- The tastes of the shoppers (fresh vs. processed food)
- The size of the supermarket
The economic concepts supporting decision making in the supermarket are also discussed in this video. These concepts are as follows:
- Maximising utility
- Bounded rationality
- Research, data collection, and econometrics
This video can be used to supplement the written post on the same topic. This post can be accessed using the following link: https://steemit.com/economics/@spectrumecons/economics-is-everywhere-2-supermarket
The first video in this series can be accessed at the following link:
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