Dealing With Complexity Flashcards
Incentive (ɪnˈsen.tɪv)
something that encouragea personto do something
Insight /ˈɪn.saɪt/
aclear,deep, and sometimessuddenunderstandingof acomplicatedproblemorsituation
make a killing
to earn a lot of money in a short time and with little effort
iterative /ˈɪt.ər.ə.tɪv/
doing something again and again, usually to improve it
bounded rationality
ECONOMICS
the theory that people can understand only a limited amount of information within a limited amount of time, and for this reason they do not always make the best decisions, especially in complicated situations:
Tractability /ˌtræk.təˈbɪl.ə.ti/
the quality of being tractable (= easily dealt with, controlled, or persuaded)
inflated
/ɪnˈfleɪ.tɪd /
Inflatedprices,costs,numbers, etc. arehigherthan they should be, orhigherthanpeoplethinkisreasonable
anticipate
/ænˈtɪs.ɪ.peɪt/
to imagine or expect that something will happen
Payoff
ˈpeɪ.ɒf
an advantage gained as the result of a decision, series of actions, etc
Plea bargain
ˈpli ˌbɑr·ɡən
an agreement to allow someone accused of a crime to admit to being guilty of a less serious crime in order to avoid being tried for the more serious one
Joint /dʒɔɪnt/
belonging to or shared between two or more people
Equilibrium /ˌek.wɪˈlɪb.ri.əm/
The sate of balance
Mbps
Millions of bits per second
free rider
a person or company that gets an advantage without paying for it or earning it
shorthand
a system of fast writing, using lines and symbols to represent letters, words, and phrases
Focal point
/ˌfəʊ.kəl ˈpɔɪnt/
the thing that everyone looks at or is interested in
Last Resort
the only choice that remains after all others have been tried
Zero-sum game
a situation in which an advantage that is won by one of two sides is lost by the other
Pre-emptive
/ˌpriːˈemp.tɪv/
it is done before other people can act, especially to prevent them from doing something else
Compelling
making you believe it or accept it because it is so strong
War of Attrition
that is fought over a long period and only ends when one side has neither the soldiers and equipment nor the determination left to continue fighting
Proponent
/prəˈpəʊ.nənt/
a person who speaks publicly in support of a particular idea or plan of action
Elicit
to get or produce something, especially information or a reaction
Comply
Consent
Audit
ˈɔː.dɪt
to make an official examination of the accounts of a business and produce a report
Collusion
Agreement between people to act together secretly illegally in order to deceive or cheat somebody (plotting)
Undercut
Charge less than a compete
Induction
the process of discovering a general principle from a set of facts
Deduction
the process of reaching a decision or answer by thinking about the known facts, or the decision that is reached
