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When the automobile replaced horse-drawn carriages as the principal means of transportation, firms producing horse-drawn carriages went bankrupt and permanently laid off all their workers, thereby increasing
I. seasonal unemployment. ii. structural unemployment. iii. cyclical unemployment.
Group Attribution Error
The tendency to make broad stereotypical judgments about a group based on the actions of a few individuals within that group.
Ultimate Attribution Error
A bias in which negative behaviors by out-group members are attributed to their character, while similar actions by in-group members are attributed to situational factors.
Law Of Small Numbers
A cognitive bias where people infer broader conclusions from a small set of observations than is statistically warranted.
Bias
A tendency to lean in a certain direction, often to the detriment of an open mind, leading to partial judgment or prejudice.
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