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Substitute good. In microeconomics, substitute goods are two goods that can be used for the same purpose by consumers. [ 1] That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute ...
Hobson's choice. A Hobson's choice is a free choice in which only one thing is actually offered. The term is often used to describe an illusion that multiple choices are available. The best known Hobson's choice is "I'll give you a choice: take it or leave it", wherein "leaving it" is strongly undesirable. The phrase is said to have originated ...
An incentive is a powerful tool to influence certain desired behaviors or action often adopted by governments and businesses. [ 4] Incentives can be broadly broken down into two categories: intrinsic incentives and extrinsic incentives. [ 5] Overall, both types of incentives can be powerful tools often employ to increase effort and higher ...
Pay it forward. Pay it forward is an expression for describing the beneficiary of a good deed repaying the kindness to others rather than paying it back to the original benefactor. It is also called serial reciprocity . The concept is old, but the particular phrase may have been coined by Lily Hardy Hammond in her 1916 book In the Garden of ...
Buy one, get one free. " Buy one, get one free " or " two for the price of one " is a common form of sales promotion. Economist Alex Tabarrok has argued that the success of this promotion lies in the fact that consumers value the first unit significantly more than the second one. So compared to a seemingly equivalent "Half price off" promotion ...
Bang for the buck. " Bang for the buck " is an idiom meaning the worth of one's money or exertion. The phrase originated from the slang usage of the words "bang" which means "excitement" and "buck" which means "money". [ 1] Variations of the term include "bang for your buck," "bang for one's buck," " more bang for the buck," " bigger bang for ...
Robert K. Merton. Richard Münch. Edward Shils. Talcott Parsons (December 13, 1902 – May 8, 1979) was an American sociologist of the classical tradition, best known for his social action theory and structural functionalism. Parsons is considered one of the most influential figures in sociology in the 20th century. [ 17]
Contract law. Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal capacity ). Analysis of their operation is a traditional approach in contract law. This classical approach to contract formation has been modified by developments ...