Simulation Involves Bringing Aspects of the Real World into the Laboratory

question 49

True/False

Simulation involves bringing aspects of the real world into the laboratory.

---

Definitions:

Computers

Electronic devices capable of processing, storing, and displaying information, used for a wide range of applications from personal computing to complex scientific calculations.

Opportunity Cost

The charge of overlooking the next most beneficial alternative while making a choice.

Consumer Goods

Goods that are produced and purchased for personal use, satisfying direct consumer wants and needs.

Opportunity Cost

Waiving the opportunity for improvement from multiple choices by deciding on one.