Ideas About What Categories Represent and How They Are Generalized

question 109

Multiple Choice

Ideas about what categories represent and how they are generalized are called:

• A)concepts.
• B)thoughts.
• C)accommodations.
• D)semantics.

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Definitions:

Frank Knight

An economist known for differentiating between risk (measurable uncertainty) and uncertainty (unmeasurable risk), significantly contributing to the field of economics.

Joseph Schumpeter

An Austrian political economist known for his theories on business cycles, economic development, and the concept of creative destruction.

Profit

The difference between total revenue and total cost.

Rent

Payment made by a tenant to a landlord for the use of a property, room, or apartment for a specified period.