Examlex
Another term for operant conditioning is instrumental conditioning.
Entrepreneurial Ability
The human resource that combines the other economic resources of land, labor, and capital to produce new products or make innovations in the production of existing products; provided by entrepreneurs.
Economic Profit
The surplus remaining after subtracting total costs, including both explicit and implicit costs, from total revenues, indicating the profitability of a business beyond breaking even.
Self-Interest
Refers to actions that elicit personal benefit or advantage, often guiding economic decision-making and behavior in the context of rational choice theory.
Consumer Sovereignty
The determination by consumers of the types and quantities of goods and services that will be produced with the scarce resources of the economy; consumers’ direction of production through their dollar votes.
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