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Economists Use Basic Psychological Insights in the Field of Study

question 198

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Economists use basic psychological insights in the field of study called

Identify the impacts of legislature and innovations on settlement patterns, notably the Homestead Act.
Recognize economic concepts such as economies of scale in the context of the agricultural development in the West.
Understand the importance of mapping in the development of the West and recognize its abilities and limitations.
Gain insight into life and societal structures within typical mining communities in the late nineteenth-century arid West.

Definitions:

Typicality Effect

The phenomenon where more prototypical or typical instances of a concept are processed faster than less typical instances.

Hierarchical Network Models

Cognitive models that propose concepts are stored in the brain in a hierarchical manner, from general to specific.

Cognitive Economy

A principle in cognitive psychology that suggests minds tend to use the simplest and most economic routes to process information.

Hierarchical Network Model

A cognitive psychology theory suggesting that concepts are organized in the brain in a hierarchical manner, with more specific concepts being subcategories of more general ones.

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