Examlex
After a night of binge drinking, Hank wakes up and tells his buddies, "What happened last night? I must have blacked out." What alcohol-induced state is Hank referring to?
Efficient
An economic condition where resources are allocated in the most optimal way, maximizing the production of goods and services without wasting any resources.
Production Possibilities Frontier
A graph that illustrates the maximum amounts of two goods that a society can produce with the available resources and technology, given that it is using its resources efficiently.
Representativeness Bias
A cognitive bias where individuals incorrectly assess the probability of an event based on similarities to existing prototypes in their mind, rather than on actual evidence.
Availability Bias
A cognitive bias where individuals overestimate the importance of information that is readily available to them.
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