Examlex
Why is the effective rate of interest always higher than the interest rate of the loan on a discounted note?
Functional Fixedness
A bias in cognition that confines a person to employ an object exclusively in its customary use, obstructing the process of generating creative solutions.
Mental Sets
Mental sets refer to the tendency to approach situations in a certain way because that method worked in the past, potentially preventing us from seeing alternative solutions.
Effective Problem Solving
A process of defining a problem, generating solutions, and choosing the best course of action to address the issue at hand.
Law Of Small Numbers
A bias in which people infer patterns or make generalizations from a small sample size, which may lead to misleading conclusions.
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