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An individual is working outside during the summer and is not taking time to drink fluids to replenish water lost through moderate sweating.Explain how will his body respond to this situation to avoid dehydration.
Neoclassical Economics
An economic approach that analyzes market mechanisms and the allocation of resources through supply and demand, focusing on rational choices and equilibrium.
Behavioral Economics
A field of economics that studies how psychological, social, cognitive, and emotional factors affect the economic decisions of individuals and institutions.
System 1
Refers to our mental system primarily responsible for quick, instinctual, and often subconscious decisions and judgments, contrasting with deliberate and analytical thinking processes.
System 2
refers to a theory of decision-making proposed by Daniel Kahneman that emphasizes slow, deliberate, and analytical reasoning.
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