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Identify/define and explain the significance of the following: Gregory VII.
Ultimatum Game
A game in economic experiments where one party offers how to divide a sum of money with another party, who can accept or reject the offer.
Dictator Game
A psychological experiment that tests how fairly individuals allocate resources between themselves and others, typically revealing aspects of altruism and fairness.
Neoclassical Economics
A framework for understanding economics that focuses on the determination of goods, outputs, and income distributions through supply and demand mediated through prices.
Behavioral Economics
A field of study that applies psychological insights into human behavior to explain economic decision-making.
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