________ Refers to Making a Reasoned Analysis of an Opportunity

question 80

Multiple Choice

________ refers to making a reasoned analysis of an opportunity, envisioning potential solutions, evaluating those possibilities, and developing the most promising ones, consistent with the resources one has.

• A)Systems thinking
• B)Abstraction
• C)Collaboration
• D)Experimentation

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Definitions:

Opportunity Cost

The value of the best alternative forgone where a choice needs to be made between several mutually exclusive alternatives.

Aggregate Income

The total amount of income earned by all individuals or entities within an economy.

World Economy

The global network of economic activities, trade, and production that transcends national borders, involving various economies of the world.

Private Sector

The part of the economy that is run by individuals and companies for profit and is not state controlled.