Video Business a High School Student,who Started Doing Videos as a as a Hobby,is

question 77

Essay

Video Business
A high school student,who started doing videos as a hobby,is considering going into the videography business.The anticipated payoff table is: The following prior probabilities are assigned to the states of nature: P(poor)= 0.4,P(fair)= 0.4,and P(super)= 0.2. ​ ​
-{Video Business Narrative} Calculate the expected monetary value for each act with present information.What decision should be made using the EMV criterion?

Recognize the role of stakeholders in decision-making processes and the importance of considering their impact.

Comprehend the concepts of values and the distinction between instrumental and terminal values as identified by Milton Rokeach.

Understand the concept and importance of a code of ethics within an organization.

Analyze ethical dilemmas using various ethical tests and guidelines.

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Definitions:

Economic Power

The ability of individuals, companies, or countries to control or influence the market, including prices, distribution, and availability of goods.

Command System

An economic system where the government makes all decisions on production and consumption.

Central Planning

An economic system where the government or a centralized authority makes all decisions regarding the production and distribution of goods and services.

Competition

The rivalry among businesses to attract consumers and gain market share, driving innovation and efficiency.