Examlex
__________ is a product,service,or idea that creates value for both the organization and its customers by satisfying their needs and wants.
Ultimatum Game
A game in experimental economics where a proposer is given a sum of money to split with a responder; if the responder rejects the offer, both players get nothing, highlighting negotiation and fairness perceptions.
Invisible Hand
A metaphor introduced by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of self-interest inadvertently benefits society at large.
Neoclassical Economists
Economists dedicated to analyzing how goods, outputs, and distribution of income in markets are dictated by supply and demand forces.
Ultimatum Game
A game in economic experiments where one player proposes how to divide a sum of money with another player who can accept or reject the proposal.
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