Examlex
What type of machine is controlled by a computer and can do a variety of tasks, such as drilling, boring, or turning parts of different sizes and shapes?
Sunk Cost
Sunk Cost represents money that has already been spent and cannot be recovered, often considered irrelevant to future economic decisions.
Lure of the New
A phenomenon describing the attraction or preference for novel products, technologies, or ideas over those that are more familiar or traditional.
Appeals to Tradition Fallacy
A logical fallacy that argues something is correct or better simply because it is traditional or has always been done.
Gambler's Fallacy
The erroneous belief that the outcome of a random event is influenced by previous outcomes, such as believing that a string of losses increases the likelihood of an imminent win.
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