The Tendency for a Group to Make a Less Risky

question 232

Short Answer

The tendency for a group to make a less risky decision than its individual members favour is called the ________.

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Definitions:

Opportunity Cost

The expense incurred by not choosing the second-best option available during decision-making.

Farmer

An individual engaged in agricultural activities, involved in the cultivation of crops or the raising of livestock.

Economic Progress

The process through which an economy grows or improves its capacity to meet its population's needs and wants.

Comparative Advantage

A situation where a country, individual, or company can produce a good or service at a lower opportunity cost than others.