3 Tutorials that teach Decision Making Relationships: Rational Consumer
Take your pick:
Decision Making Relationships: Rational Consumer

Decision Making Relationships: Rational Consumer

Author: Catherine Barry

This lesson will explain the economic idea of the rational consumer.

See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

28 Sophia partners guarantee credit transfer.

263 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 25 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.


Notes on "Decision Making Relationships: Rational Consumer"

Terms to Know   

Rational Consumer

A consumer who considers choices based on factual information weighing opportunities and limited income or assets.

Opportunity Costs

The sacrifice made by choosing one value or opportunity over another.

Utility Maximization 

Achieving the highest amount of satisfaction (utility) subject to an individual's budget constraint.

Finite Resource

A fixed amount of supply that is irreplaceable and non-recoverable.


Gratification received from consuming a product or service.