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"A dynamic attribute satiation model of variety-seeking behavior." Journal of Consumer Research 9, no. 2 (1982): 141-150. Van Trijp, Hans CM, and Jan-Benedict EM Steenkamp. "Consumers' variety seeking tendency with respect to foods: measurement and managerial implications." European Review of Agricultural Economics 19, no. 2 (1992): 181-195.</ref>
It was subsequently shown in the context of economic and financial decisions. Simonson showed that when people have to make simultaneous choice (e.g. choose now which of six snacks to consume in the next three weeks), they tend to seek more variety (e.g., pick more kinds of snacks) than when they make sequential choices (e.g., choose once a ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
In any technical subject, words commonly used in everyday life acquire very specific technical meanings, and confusion can arise when someone is uncertain of the intended meaning of a word. This article explains the differences in meaning between some technical terms used in economics and the corresponding terms in everyday usage.
That is, novelty seeking (or sensation seeking) refers to the tendency to pursue new experiences with intense emotional sensations. It is a multifaceted behavioral construct that includes thrill seeking, novelty preference, risk taking, harm avoidance, and reward dependence.
An economy [a] is an area of the production, distribution and trade, as well as consumption of goods and services.In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. [3]
Macroeconomics encompasses a variety of concepts and variables, but above all the three central macroeconomic variables are output, unemployment, and inflation. [5]: 39 Besides, the time horizon varies for different types of macroeconomic topics, and this distinction is crucial for many research and policy debates.