Examlex
In the Friedman-Phelps analysis, when inflation is less than expected, the unemployment rate is less than the natural rate.
Elimination By Aspects
A decision-making process where choices are sequentially eliminated for not meeting certain criteria.
Decision Making
The cognitive process of making a choice from a set of alternatives, encompassing judgement, evaluation, and problem solving.
Bounded Rationality
A concept suggesting that the cognitive limitations of the mind restrict the rationality of decision-making.
Evaluating Alternatives
The process of assessing and comparing different options or courses of action in order to make an informed decision.
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