Examlex
A purchased item is a component received by the company and taken out of inventory.
Sunk Cost
A past expense that has already been incurred and cannot be recovered, which should not influence ongoing or future decisions.
Kahneman and Tversky
Psychologists known for their work on the psychology of judgment and decision-making, as well as behavioral economics.
Image Theory
A theory in decision-making research which suggests individuals make decisions based on their internal values (principles), plans (projects), and beliefs about potential outcomes (prospects).
Frontal Lobe
The front part of the brain associated with decision making, problem solving, control of purposeful behaviors, consciousness, and emotions.
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