With Open-System Thinking, Environmental Influences and External Factors Are Largely

question 16

True/False

With open-system thinking, environmental influences and external factors are largely ignored.

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Definitions:

Externality

A cost or benefit arising from an economic activity that affects third parties who did not choose to incur that cost or benefit.

Incentive

Something that motivates or encourages an individual or entity to act in a certain way.

Costs And Benefits

This is an analysis approach that compares the potential outcomes and implications, in terms of costs and benefits, of an action or decision.

Marginal Social Benefit

The extra advantage to society that comes from using an additional unit of a product or service.