The Ability to Make Sound Decisions Based on One's Experience

question 8

Multiple Choice

The ability to make sound decisions based on one's experience and immediate feelings about the information at hand is called:

• A)Judgment
• B)Bounded rationality
• C)Heuristics
• D)Satisficing
• E)Intuition

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Definitions:

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors, using fewer resources.

Global Trade

The exchange of goods, services, and finances between countries and territories, overcoming geographical limitations.

Megacities

Urban areas with a population of over 10 million people, often characterized by significant economic, political, and cultural influence.

World Population

The total number of living humans on Earth at a given time, which influences global markets, resources demand, and economic dynamics.