Examlex
Demand for items people do not really need for their survival, such as cars, is generally ________ than demand for items such as water.
Statistical Probability
The likelihood of an event occurring, based on the analysis of numerical data.
Overconfident
A psychological condition where an individual's belief in their own abilities, decisions, or forecasts exceeds the objective accuracy of those beliefs, often leading to risk-taking behaviors.
Ultimatum Game
A game in experimental economics, where two players decide on how to divide a sum of money, with one proposing the split and the other accepting or rejecting it.
Homo Economicus
An idealized concept of a rational and self-interested individual, considered in economic theories to predict decision-making behaviors.
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