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Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself". [3] "The best example is perhaps Walras' definition of social wealth, i.e., economic goods. [3] 'By social wealth', says Walras, 'I mean all things, material or immaterial (it does not matter which in this context), that are scarce ...
In cognitive psychology, a mindset is the cognitive process activated in a task. [8] In addition to the field of cognitive psychology, the study of mindset is evident in the social sciences and other fields (such as positive psychology). Characteristic of this area of study is its fragmentation among academic disciplines. [8] [6]
For example diamonds are more valuable than rocks because diamonds are not as abundant. [2] These perceptions of scarcity can lead to irregular consumer behavior, such as systemic errors or cognitive bias. [3] [4] There are two social psychology principles that work with scarcity that increase its powerful force. One is social proof. This is a ...
In psychology, the term mental models is sometimes used to refer to mental representations or mental simulation generally. The concepts of schema and conceptual models are cognitively adjacent. Elsewhere, it is used to refer to the "mental model" theory of reasoning developed by Philip Johnson-Laird and Ruth M. J. Byrne .
A common example of a sunk cost for a business is the promotion of a brand name. This type of marketing incurs costs that cannot normally be recovered [citation needed]. It is not typically possible to later "demote" one's brand names in exchange for cash [citation needed]. A second example is research and development (R&D) costs.
The negative criticisms largely address the issue of negative uses of cognitive surplus. [citation needed] For example, Shirky discusses lolcats in the book, but this is a pretty innocuous example of negative or trite uses of cognitive surplus, especially considering the reality of cyber crimes, and other
A more informal definition of the term would describe it as "a quasi-illness caused by guilt for one's own socio-economic superiority". [6] The term "affluenza" has also been used to refer to an inability to understand the consequences of one's actions because of financial privilege.
"Behavioral sink" is a term invented by ethologist John B. Calhoun to describe a collapse in behavior that can result from overpopulation.The term and concept derive from a series of over-population experiments Calhoun conducted on Norway rats between 1958 and 1962. [1]