Match Each of the Following Terms with Its Definition

question 83

Multiple Choice

Match each of the following terms with its definition.
-The process of assessing the degree to which a proposed system solves business problems or takes advantage of business opportunities.

• A)economic feasibility
• B)legal and contractual feasibility
• C)operational feasibility
• D)political feasibility
• E)schedule feasibility
• F)technical feasibility

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Definitions:

Marginal Social Cost

The additional cost incurred by society as a whole due to the production of one more unit of a good or service.

Damage Cost

The monetary cost associated with the harm done to goods in an economy, which can result from disasters, accidents, or intentional acts.

Negative Externality

An adverse effect suffered by a third party as a result of an economic transaction in which they had no involvement.

Internalize

The process of incorporating the cost of externalities into the decision-making process of firms or individuals.