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Scenario 1-2
Suppose that you have a choice between going to the movies with a friend for two hours or working at your job. If you go to the movies, you will spend $7 on a ticket and $5 on popcorn. If you choose to work, you will earn $10 an hour.
-Refer to Scenario 1-2. What is your opportunity cost of working?
Personality Factors
Fundamental traits or dimensions that constitute an individual's personality, often identified through factor analysis in personality psychology.
Needs-Hierarchy Theory
A psychological theory proposed by Abraham Maslow that categorizes human needs into five hierarchical levels, from basic physiological needs to self-actualization.
Gratified
Having given pleasure or satisfaction; in psychological terms, it often relates to the fulfillment of a desire or need.
Hereditary Component
The portion of an individual's traits or characteristics attributed to genetic inheritance from their biological parents.
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