Explain Relationship between social psychology and economics.
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The relationship between social psychology and economics is symbiotic, as both fields explore human behavior. Social psychology examines how individuals' thoughts and emotions shape economic decisions, while economics contributes to understanding how social factors influence economic behavior. Insights from social psychology inform economic models, considering factors like social norms and biases. Conversely, economic theories guide social psychologists in understanding choices related to resource allocation and incentives. Together, they offer a comprehensive perspective on the intricate interplay between psychological factors and economic decision-making.