The answer is: Market
In the market model, each indviduals have the chance to predict the type of product that the majority of people need / desire. (which they commonly called as 'market demand').
After knowing the market demand, individuals who want to obtain an economic profit need to develop the products in order to answer the market demand. (products that given to the consumers by the sellers is what usually called as market supply)
I believe the answer is: precedent
In social setting, we can see a precedent in court ruling.
When a supreme court ruled a controversial case, the other courts would most likely use the ruling as a precedent to settle similar cases that might appear in the future.
Answer: Paper money and woodblock printings are linked because woodblock printing made the production of paper money much faster.
Explanation:
Answer:
People tend to make systematic and predictable mistakes in their thinking. These mistakes are called biases.
Explanation:
Humans are not perfect decision makers. Everyday humans make numerous decisions and try their best to be rational. But many times, our cognitive limitations prevent us from doing so. In systematic and predictable ways, we do drift away from perfection. Even if we take each step properly to make a decision by first defining the problem, then thinking of alternatives for the solution and then take a decision, one is bound to get affected by cognitive thinking. Such mistakes that humans make are called biases. They affect the judgement of even a very talented human being.
It is risky to invest in a commodity because: <span>The commodity's price might drop significantly very quicklly
</span>Commodity products are circulated really quickly. This will affect the rarity of the product in the markets. If the rarity is high, the price will increase and vice versa. This exact condition makes the price for that commodity also fluctuated really quickly.
