Examlex
Which of the following terms describes the situation in which too few or too many resources go to a specific economic activity because of external benefits or costs?
Delay of Gratification
The act of resisting an immediate reward in preference for a later reward.
Locus of Control
A psychological concept referring to the extent to which individuals believe that they have control over the events in their lives.
Political Tradeoffs
Decisions within political systems that involve sacrificing one policy goal in order to achieve another, often due to limited resources or differing priorities.
Individualistic Cultures
Societies that stress the importance of personal achievements and individual rights.
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