Those Activities That Consume Resources but Do Not Contribute to the Value

question 118

Multiple Choice

Those activities that consume resources but do not contribute to the value of the product are referred as

• A)contribution activities.
• B)non-value-added activities.
• C)negative activities.
• D)period costs.

Recognize the role of self-control, myopia, and precommitment in personal financial management and behavioral tendencies.

Identify how contexts, including gains and losses, affect people's preferences and decisions.

Comprehend the significance of fairness in economic behavior and the effects of altruistic actions on economic models.

Analyze the impact of cognitive biases, such as the availability heuristic, endowment effect, and overconfidence, on economic decisions.

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Definitions:

Duck-Billed Platypus

An egg-laying mammal native to Australia known for its unique appearance combining traits of both birds and mammals.

Stroop Effect

A phenomenon demonstrating the difficulty in naming the color of a word when the color does not match the word's meaning.

Habit

A repetitive behavior that an individual performs regularly, often unconsciously.

Frequency

The rate at which something occurs or is repeated over a particular period of time or in a given sample.