Examlex
The economic environment of a business describes how a business is affected by competitors.
Representativeness Heuristic
A mental shortcut people use where the likelihood of an object belonging to a particular category is assessed based on how typical that object is thought to be of the category.
Availability Heuristic
A cognitive bias that causes people to overestimate the likelihood of events based on their ability to recall similar instances.
Escalation Heuristic
A cognitive bias or decision-making process where individuals increase their commitment to a previously taken course of action beyond the level that is justified by the current situation.
Satisficing Heuristic
A decision-making strategy that involves searching through the available alternatives until an acceptability threshold is met, rather than seeking the best possible solution.
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