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Case 12-1
Matthew is the newest inmate to a maximum-security institution. He was sentenced to serve 20 years for the crime of armed robbery and attempted manslaughter. Matthew is anxious about going to prison. This is the first time he will serve time in prison. In the past he has only served short jail terms.
-Once he arrives at the prison, Matthew is given a handbook that explains all the regulations and guidelines. He also speaks with some of the inmates who explain to him that he will go through a socialization process where he will learn the accepted norms and values of the prison culture that are not included in a handbook. These are more the rules of the prison created by the inmates. What is this process called?
Trade Deficit
A situation where a country's imports exceed its exports, indicating that it is buying more from other countries than it is selling to them.
Consume Less
A behavioral or economic principle where individuals or entities choose to purchase or use fewer goods and services, often to save money or reduce environmental impact.
Comparative Advantage
Comparative Advantage is an economic theory suggesting that countries should produce and export goods for which they have a lower opportunity cost compared to other countries.
Opportunity Cost
The forgone value of what you give up when you make a choice.
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