Examlex
Differentiate between voluntary and involuntary services with examples.
Economic Rationality
The assumption that individuals make decisions based on the best possible benefit to themselves, considering available information and costs.
Unpaid Volunteer Work
Labor that individuals provide without financial compensation for the benefit of their community or society.
Individual Choice
The decisions made by individuals based on their preferences and constraints.
Adam Smith
A Scottish economist and philosopher, often considered the father of modern economics, well-known for his works "The Wealth of Nations" and the concept of the "invisible hand."
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