The Major Benefit of Using an Information System Is That

question 60

True/False

The major benefit of using an information system is that the data stored in databases and other repositories can readily be processed to produce information.

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Definitions:

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Allocated Efficiently

Refers to the optimal distribution of resources and goods in a way that maximizes the welfare or utility of consumers.

External Costs

Expenses that a business or economic activity imposes on unrelated third parties or the environment, which are not reflected in market prices.

External Benefits

External Benefits are positive effects of a production or consumption activity on third parties who did not directly participate in the economic transaction.