The Ability of an Individual to Own and Exercise Control

question 148

Multiple Choice

The ability of an individual to own and exercise control over scarce resources is called

• A)market failure.
• B)property rights.
• C)externality.
• D)market power.

Recognize the impact of observer bias, such as the generosity error and the halo effect, on the outcomes of assessments.

Describe the importance of defining terms clearly in observational assessments for validity and reliability.

Explain the role and application of sociometric techniques in understanding group dynamics and individual relationships within groups.

Understand the significance of event sampling and time sampling in observation assessments.

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Definitions:

Strong Influence

The significant impact or control one party may have over the actions, decisions, or opinions of another.

Consumer Behavior

The study of how individuals or groups select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.

Clear Preferences

The concept in decision theory and economics where consumers or decision-makers have well-defined preferences, allowing for consistent choices among sets of alternatives.

Budget Constraints

Constraints that consumers face as a result of limited incomes.