The Type of Decision Making in Which the Solution Is

question 129

Multiple Choice

The type of decision making in which the solution is considered 'good enough' is known as which of the following?

• A)intuition
• B)rational
• C)maximising
• D)satisficing
• E)'gut feeling'

---

Definitions:

Opportunity Cost

The value of the best alternative forgone where a choice needs to be made between several mutually exclusive alternatives.

Aggregate Income

The total amount of income earned by all individuals or entities within an economy.

World Economy

The global network of economic activities, trade, and production that transcends national borders, involving various economies of the world.

Private Sector

The part of the economy that is run by individuals and companies for profit and is not state controlled.