Question: Explain the concepts of risk aversion and loss aversion as you would explain them to an elderly relative, e.g., your grandparent, who has no knowledge

Explain the concepts of "risk aversion" and "loss aversion" as you would explain them to an elderly relative, e.g., your grandparent, who has no knowledge of risk management. Keep it simple. Support your explanation with a few examples from everyday life. Then, address whether you believe people are aware that they are in engaging in risk aversion and loss aversion.

Thank you in advanced!

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