What Is a Cognitive Bias

question 61

Essay

What is a cognitive bias?

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Definitions:

Federal Reserve

The central banking system of the United States, responsible for regulating the nation's financial institutions and managing its monetary policy.

Unemployment

The situation in which individuals who are willing and able to work cannot find employment.

Inflation

The quickness in the rise of aggregate prices for goods and services, impacting negatively on how much can be bought.

Minimum Wage

The lowest legally permissible wage that employers can pay to workers, set by governmental laws or regulations.