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economy

n.

1. any system of rules and regulations by which something is managed; for example, a token economy is one in which a behavioral system is managed according to the disbursement of tokens as rewards.

2. management of resources in order to maximize efficiency or returns (material or psychological) and to avoid waste.

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Psychology term of the day

January 11th 2025

induced color

induced color

a color change in a visual field resulting from stimulation of a neighboring area, rather than from stimulation of the part of the field in which the change appears.