"Supercenters" Are Very Large Stores That Specialize in Selling a Big

question 201

True/False

"Supercenters" are very large stores that specialize in selling a big variety of infrequently purchased products that would otherwise be hard for consumers to find.

Understand the role and implication of opportunity cost in making economic choices.

Recognize the importance of making choices due to scarce resources and its impact on opportunity cost.

Understand the concept and significance of physical capital in production processes.

Explain the universal problem of scarcity across different societies.

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Definitions:

Law of Effect

A psychological principle that behaviors followed by pleasant outcomes are likely to be repeated, while those followed by unpleasant outcomes are less likely to be repeated.

Rewarded Responses

Behaviors or actions that receive positive reinforcement, which increases the likelihood of the behavior being repeated in the future.

Punished Responses

Behaviors that decrease in frequency because they are followed by unpleasant consequences.

Operant

In Skinner’s system, an instrumental response that is defined by its effect (the way it operates) on the environment.