Examlex
Identify and state the historical significance of the following:
-Robert S. McNamara
Rational Consumers
Individuals who aim to maximize their utility or satisfaction from consumption under the constraints of their budget.
Complete Preferences
A concept in economics where an individual's preferences over a set of goods or outcomes are fully defined, allowing for every pair of outcomes to be compared.
National Unemployment Rate
A measure of the percentage of the labor force that is unemployed and actively seeking employment, often used as a key indicator of the health of a country's economy.
Anchoring Effect
A cognitive bias where an individual's decisions are influenced by a particular reference point or "anchor," sometimes leading to irrational decision-making.
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