Deciding How to Make the Best Use of Limited Resources

question 126

Multiple Choice

Deciding how to make the best use of limited resources to satisfy virtually unlimited wants is known in economics as

• A) economizing behavior.
• B) the fallacy of composition.
• C) ceteris paribus.
• D) the fallacy that good intentions do not guarantee the desired outcome.

---

Definitions:

Retaliate

To take action against someone in response to their actions or wrongdoing, often with the intent to cause harm or exact revenge.

Delegating Style

A management approach where tasks and responsibilities are distributed among team members, empowering them while maintaining accountability.

Situational Leadership Model

A leadership theory that proposes the effectiveness of a leadership style is dependent on the task readiness level of the individuals being led.

Low Task Behavior

Leadership behavior focused less on the work to be done and more on the interpersonal relationships among team members.