Define the Dimension of the Psychological Person and Give Two

question 9

Essay

Define the dimension of the psychological person and give two examples.

Understand the concept of economic profit and normal profit and how they differ from accounting profit.

Grasp the significance of optimal plant size and its dependence on expected output levels.

Appreciate the economic rationale behind the cost structures of firms and the implications for resource allocation.

Understand the concepts of explicit and implicit costs and their role in production.

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Definitions:

Unanimous

Agreement by all people involved; a situation where everyone shares the same opinion or decision.

Normative Social Influence

External social pressures that drive us to adjust ourselves in efforts to be embraced and approved by others.

Group Polarization

The phenomenon where a group of individuals tends to make decisions that are more extreme than the initial inclination of its members.

Approval

The act of accepting or consenting to something, often given formally or officially.