A Rational Economic Decision

question 31

Multiple Choice

A rational economic decision:

• A)must always result in the largest economic payoff.
• B)usually results in the smallest economic payoff.
• C)may or may not result in the largest economic payoff.
• D)is concerned with efficiency but not with equity or fairness.

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Definitions:

Strategic Needs

These are the critical requirements a business must meet to achieve its long-term goals and objectives.

Predictive Analytics

The use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.

Prescriptive Analytics

A type of data analytics that seeks to provide advice or recommendations on actions to achieve specific outcomes or objectives.

Analytic Domain

The area or field where data analysis is applied, focusing on extracting meaningful insights from various data sources to support decision-making.