The Field of Management Science

question 39

Multiple Choice

The field of management science

• A)concentrates on the use of quantitative methods to assist in decision making.
• B)approaches decision making rationally,with techniques based on the scientific method.
• C)is another name for decision science and for operations research.
• D)each of these choices are true.

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Definitions:

Factors Of Production

Factors of production are the inputs needed for the creation of a good or service, including land, labor, capital, and entrepreneurship.

Unemployment Of Resources

Unemployment Of Resources refers to a situation where factors of production, such as labor and capital, are not being used in the production process.

Production Possibilities Curve

A graphical representation of the maximum quantities of two goods or services that an economy can produce when utilizing its resources fully and efficiently.

Circular Flow Diagram

A visual model of the economy that shows how dollars flow through markets among households and firms, illustrating the interdependencies of economic activities.