In Addition to Information, What Other Problem Must Each Decision-Making

question 30

Multiple Choice

In addition to information, what other problem must each decision-making approach tackle?

• A) uncertainty
• B) values
• C) crises
• D) indecision

---

Definitions:

Input

The resources used in the production process, such as labor, materials, and machinery.

Explicit Costs

These are direct payments made to others in the course of running a business, such as wages, rent, and materials.

Implicit Costs

Costs that represent potential benefits foregone when resources are not utilized in their next-best alternative use.

Economic Profit

The financial gain achieved when revenues from business activity exceed the explicit and implicit costs of that activity.