Examlex
Sherif proposed a model of conformity in which individuals arrive at a common form of behaviour without any direct pressure. This 'standard' behaviour is called:
Opportunity Cost
The price paid for missing out on the alternative option when deciding.
Specialized Tools
Instruments or devices designed for specific tasks or industries, enabling more efficient and precise work in professional and technical fields.
Transaction Cost
Expenses incurred when buying or selling goods or services, beyond the price of the goods or services themselves.
Specialized Resources
Resources uniquely suited or trained to perform specific tasks or functions within an economic system, enhancing efficiency and productivity.
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