economics

The Decoy Effect: How Businesses Manipulate Your Choices (And How to Outsmart Them)

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decoy effect

The decoy effect, also known as the asymmetric dominance effect, occurs when introducing a third, strategically inferior option changes our preference between two original choices. This “decoy” is designed to be completely dominated by one option (the target) while only partially dominated by the other (the competitor). The result? We gravitate toward the target, feeling smart about our “obvious” choice.

Value vs. Price | Understanding the Difference Between Value and Price

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value vs. price

In our daily lives, we constantly make decisions about buying products and services. Whether it’s choosing a smartphone, selecting a restaurant for dinner, or investing in stocks, we often hear the terms “value” and “price” used interchangeably. However, these two concepts are fundamentally different, and understanding Value vs. Price can significantly improve our decision-making abilities in both personal and business contexts.

Fiscal Policy Vs. Monetary Policy | Difference between fiscal policy & monetary policy

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Fiscal Policy vs. Monetary Policy

Fiscal Policy vs. Monetary Policy: Both policies are crucial tools employed by governments and central banks to influence a nation’s economic direction. Both aim to stabilise the economy, curb inflation, foster growth, and reduce unemployment, but they differ in approach, objectives, and execution.

Microeconomics: Principles, Applications, Uses, Importance, PDF

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Microeconomics: Principles, Application, Importance, and Comparison

Microeconomics is a branch of economics that examines how individuals and firms make decisions about allocating scarce resources. In contrast to macroeconomics, which looks at the economy as a whole, microeconomics focuses on the individual elements of the economic system.

Turnover vs. Revenue- Types, Example, Calculation, and Detailed Comparison Table [PDF Inside]

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Turnover vs revenue Article

Business turnover, also known as sales revenue, is the total income a company generates from selling its products or services. It’s a key metric used to assess a company’s financial health and performance.

Depreciation: Methods, Cause, Taxes, Schedule, Units of Production

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WHAT IS DEPRECIATION? HERE IS EVERYTHING YOU SHOULD KNOW ABOUT DEPRECIATION

Depreciation is the gradual reduction in the value of an asset over time because of wear and tear, obsolescence, or other factors. It’s a financial accounting concept that reflects the economic reality that assets ultimately lose their usefulness or become less valuable.

Industrial Relations- Key Elements, Factors, Challenges, & Importance

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WHAT IS INDUSTRIAL RELATION? EVERYTHING ABOUT INDUSTRIAL RELATIONS

At its core, industrial relations is about achieving a balance. It strives to create a workplace environment that fosters cooperation and productivity, while ensuring the fair treatment and well-being of employees.