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Efficiency: Getting things done right.
Effectiveness: Getting the right things done.
Capital intensive: Requiring lots of money to accomplish.
Labor intensive: Requiring lots of work to accomplish.
Quality: Not what you put into a thing; what somebody else gets out of it.
Emergency: A time to break the rules, as when you speed to get somebody to the hospital before he dies.
Sunk cost: Money or effort spent. It is to be ignored so that you don’t risk sending good money after bad. Instead focus on opportunity cost.
Opportunity cost: The next best thing you could have done with your time or money. That which you gave up by choosing what you chose.
Marginal analysis: How a small change in one thing can have a large effect in another, as when the difference between winning and losing is only a 0.001 seconds and the difference in payout is $100,000.
Intelligence: Learning from your mistakes.
Wisdom: Learning from the mistakes of others.
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