Examlex
System 1 thinking and System 2 thinking differ in which regard?
Labor-intensive
Refers to a type of industry or process that requires a large amount of human labor to produce goods or services, as opposed to being heavily automated.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than its competitors.
Specialization
The process of focusing on and becoming expert in a particular subject or skill, often resulting in increased efficiency and productivity in economic contexts.
Exchange
The act of giving one thing and receiving another (especially of the same type or value) in return.
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