Examlex
This is a cross between human language and a programming language.
Sunk Costs
Costs that have already been incurred and cannot be recovered.
Marginal Analysis
The examination of the benefits and costs of an additional unit of consumption or production to make decisions on allocations of resources.
Risk Aversion
The behavior of preferring to avoid loss rather than making a gain, reflecting a preference for certainty over uncertainty.
Irrational Decision
A choice made that contradicts logical reasoning, often influenced by emotional factors or cognitive biases.
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