Examlex
Use the saving and investment equation to explain why the United States experienced large current account deficits in the late 1990s.
Lottery
A form of gambling which involves drawing lots for a prize, often administered by state or federal governments.
Probability
Probability is a measure or estimation of how likely it is that an event will occur, expressed as a number between 0 and 1.
Utility
In economics, a measure of satisfaction or happiness that consumers derive from consuming goods and services.
Von Neumann-Morgenstern
A theory designed to understand the utility of outcomes in strategic games, emphasizing the mathematical expected utility.
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