Examlex
In the 1950s,James Olds used electrical stimulation on the brains of rats.What did he discover?
Shortage
The amount by which the quantity demanded of a product exceeds the quantity supplied at a particular (below-equilibrium) price.
Market
Any institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of a particular good or service.
Majority Voting
A decision-making process where the choice that gathers more than half of the votes wins, commonly used in democratic elections and organizations.
Public Good
A product or service that is provided without profit to all members of a society, either by the government or a private individual or organization.
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