Examlex
Changes in consumer confidence, based on household surveys change consumer spending, because it helps consumers predict their spending. Increases in consumer confidence increases the autonomous consumption while a decrease in consumer confidence decreases consumer spending.
Heuristics
Cognitive shortcuts or rules of thumb that simplify decision making.
Mental Set
A tendency to approach situations in a certain way because that method has worked in the past, potentially limiting problem-solving abilities.
Accuracy
The degree to which a measurement or calculation reflects the true value or correct result.
Precision
The accuracy and specificity with which an action is performed or a measurement is taken.
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