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Which of the following statements characterizes President Theodore Roosevelt's approach to the nation's natural resources?
System 1
A term often used in psychology, referring to the fast, automatic, and often unconscious way of thinking, as opposed to the slower, more deliberate, and more logical System 2.
System 2
A term often related to dual-process theories in psychology, highlighting slower, more deliberative, and logical thinking, as opposed to intuitive and fast reactions.
Systematic Errors
Suboptimal choices that (1) are not rational because they do not maximize a person’s chances of achieving his or her goals and (2) occur routinely, repeatedly, and predictably.
Neoclassical Economics
An economic theory that focuses on how the perception of utility and costs influence the supply and demand equilibrium.
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