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The Ricardian model can be simplified and made more explanatory by
Assuming that there is only one resource used in producing goods.What
Did Ricardo assume the resource was?
Decision Making
The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.
Kahneman and Tversky
Two psychologists known for their work on the psychology of judgment and decision-making, as well as behavioral economics.
Sure Thing
A situation or outcome that is guaranteed or certain.
Risky Gamble
Making a decision that involves a high risk of loss or failure, typically in hope of achieving significant reward or gain.
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