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Three-year-old Maxim is playing with his toys happily as his mother is watching a movie. He looks up to see a few tears running down his mother's cheeks, because a sad scene just occurred in the film. He puts down his toys, climbs up next to his mother, and lays his head on her arm. When she asks him what's wrong, he says, "I'm sad, Mommy." Maxim has demonstrated the capacity to experience
Opportunity Cost
The penalty of overlooking the closest preferable alternative in the course of decision-taking.
Satisfaction
The feeling of pleasure or contentment arising from meeting one's needs or expectations.
Rational Choice
A theory in economics that assumes individuals always make prudent and logical decisions that provide them with the highest amount of personal utility.
Costs and Benefits
An analysis approach that compares the total costs and total benefits associated with a particular action or decision to determine its feasibility or worth.
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