The idea that you value receiving $1,000 today more than 10 years in the future is called compound interest.

Name: The idea that you value receiving $1,000 today more than 10 years in the future is called compound interest.
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The idea that you value receiving money more in the present than in the future is called time preference or time value of money. Compound interest refers to the interest earned on both the principal amount and any previously earned interest.

The Idea That You Value Receiving $1,000 Today More Than