Discuss Why Alternative IS Development Approaches Have Evolved, and Provide

question 60

Essay

Discuss why alternative IS development approaches have evolved, and provide an overview of a couple of these methodologies.

---

Definitions:

Resource Market

A marketplace where resources or inputs (like labor, capital, and raw materials) needed for production are bought and sold.

Incentive Problem

A situation where the economic incentives offered do not align with desirable outcomes, leading to inefficiency or undesired behavior.

Communist Central Planning

An economic system where the government makes all decisions regarding the production and distribution of goods and services.

Shortages

Situations where the demand for a product or service exceeds the available supply, often leading to waiting lists or increased prices.