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Mark has $2000 saved for a trip at Spring Break.Over Winter Break,he decide to buy gifts for his family and puts over $500 on his credit card which charges 10% interest on the outstanding balance every month.He pays off the credit card bill gradually over the next two months.An economist would categorize that behavior as:
High-context
Referring to cultures or communication styles where much of the information is understood through context rather than explicitly stated.
Xenophobia
A fear or hatred of foreigners, people from different cultures, or strangers, often manifesting in discriminatory attitudes and behaviors.
Stereotyping
A cognitive process where individuals assign specific attributes to others based on their membership in a particular social group, often leading to oversimplified and generalized beliefs.
Ethnocentrism
The conviction that one's own ethnic group or culture is naturally superior to others.
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