The Most Important Costs to Consider When Making a Decision

question 101

Multiple Choice

The most important costs to consider when making a decision involving future action are:

• A) Sunk costs
• B) Opportunity costs
• C) Out-of-pocket costs
• D) Differential costs

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Definitions:

National Culture

The set of norms, behaviors, beliefs, and customs that characterize the people of a specific country or nation.

Future Orientation

Future orientation is the degree to which individuals think about and plan for the future, influencing decision-making, goal setting, and behaviors in pursuit of long-term achievements.

GLOBE Project

An extensive and ongoing cross-cultural research program analyzing the impact of culture on leadership effectiveness and organizational practices across the world.

Long-Term Planning

The process of setting major goals and objectives and outlining the strategies to achieve them over an extended period, usually several years into the future.