Describe the economic concept of Homo Economicus-
Economists believe it is essential to not underestimate the degree to which nearly all economic agents will act to increase their material welfare. Thus the behavioral model of Homo Economicus, where someone rationally maximises their own material welfare. Thus economics was defined early as the science of human behavior resulting from wealth maximization, by John Stuart Mill (1844) and Stanley Jevons (1872).
As mentioned, the IMMUTABILITY of material motivations cannot be cast aside in economic behavioral analysis. While, in times of crisis, people may forgo material wants in place of ideological philosophies alone, economists believe this is not a sustainable motivation.
Thus, the homo economicus enables us to predict behavior by using it as a model.