Examlex
According to globalization critics, the decline in unskilled wage rates is due to the migration of low-wage manufacturing jobs offshore and a corresponding reduction in demand for unskilled workers.
Expected Utility Function
An expected utility function quantifies an individual's preferences under uncertainty, ranking them according to the expected level of satisfaction or utility.
Sure Payment
A guaranteed or fixed payment that is certain to be paid, without any risk or fluctuation.
Probability
A quantification of how probable an event is, with the scale going from 0 to 1.
Lottery
A lottery is a form of gambling which involves drawing lots for a prize, or the allocation of a resource or a chance event resulting in a significant gain to the holder.
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