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Curtis supervises a large number of clerical employees.Several of his female subordinates have had babies this year.Curtis has taken this into account when conducting the performance appraisals of these subordinates,because he knows that new mothers are frequently sleep-deprived and that this can negatively affect their accuracy and performance levels.Curtis raises these employees' evaluations higher than what they would have objectively been otherwise.Curtis has committed the error of
Modern Economics
A branch of social science that studies how individuals, businesses, and governments make choices on allocating resources to satisfy their needs and wants.
The Wealth of Nations
A seminal book by Adam Smith, which discusses economics, the importance of free markets, division of labor, and productivity.
Labor
The physical and mental effort used in the production of goods and services.
Good
A material item or service that can be bought, sold, or traded, providing utility or satisfaction to the buyer.
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