Habit

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Habit

A normal custom of an individual or group. Habits greatly influence economic behavior at both the micro- and macro- levels. For example, one may develop the habit of only shopping at certain stores, whether or not they have the best products or prices. Likewise, the majority of farmers in a country may only grow certain crops, whether or not those are the best for the land or the market. Habits may be positive or negative, and are often both, depending on one's perspective.