Examlex
When Hunter Ceiling Fans buys electrical wire for use in producing its ceiling fans, Hunter is part of what type of market for electrical wire?
Satisficing Decisions
Choose the first satisfactory alternative that comes to your attention.
Behavioural Decision Model
An approach to understanding decision-making, focusing on how individuals interpret and respond to information based on psychological and behavioural factors.
Bounded Rationality
A concept that decision-makers are limited in their decision-making capabilities by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make decisions.
Cognitive Limitations
Cognitive limitations are the boundaries of human brain’s capacity to learn, remember, and make rational decisions.
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