In Order to Determine Someone's Social Class, You Must Know

question 45

True/False

In order to determine someone's social class, you must know about their education, occupation, and income.

---

Definitions:

Overconfidence

The phenomenon where an individual's subjective confidence in their judgments is reliably greater than their objective accuracy.

Irrational Decisions

Choices made by individuals that contradict the best outcome from a rational point of view, often influenced by biases or lack of information.

Mental Accounting

The psychological process by which individuals classify, organize, and perceive their monetary resources and expenses.

Values

In economics, values refer to the importance or worth that is attached to goods or services, influencing their price and demand in the market.