Define Each of the Following Mental Shortcuts and Explain Why

question 163

Essay

Define each of the following mental shortcuts and explain why each may be inaccurate: (1) the availability heuristic; (2) the representativeness heuristic.

---

Definitions:

Primary Reason

The main or most important cause or motive behind an action, decision, or situation.

Lose Customers

The process by which a business experiences a reduction in its customer base due to various factors such as poor service, high prices, or better competition.

Management Team

A group of individuals at the top level of an organization who are responsible for making strategic decisions and ensuring the company achieves its goals.

Competitive Advantage

A condition or unique attribute that allows a company to outperform its competitors, securing a superior position in the market.