When an Individual Weighs Her Options and Makes a Choice

question 37

Multiple Choice

When an individual weighs her options and makes a choice that maximizes her benefit at the minimum cost, economists refer to this as a process of

• A) rational decision making.
• B) objective decision making because the value of goods is determined objectively.
• C) marginal management analysis.
• D) random decision making.

Comprehend the conditions under which oral contracts may be considered enforceable despite the statute of frauds.

Understand the significance of special circumstances, such as promises related to marriage, suretyship, and special manufactures under the statute of frauds.

Recognize how courts interpret and apply promissory estoppel in relation to oral contracts and the statute of frauds.

Understand enforceability conditions of oral promises in specific situations.

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Definitions:

Psychoanalytic Theory

A theory of personality organization and the dynamics of personality development that guides psychoanalysis, the clinical method for treating psychopathology.

Humanistic Perspective

A psychological approach emphasizing individual potential for growth and the role of unique perceptions in guiding behavior and mental processes.

Unconscious Motivations

Drives and desires that influence an individual's thoughts and behaviors without their conscious awareness.

Growth Potential

Growth potential refers to the capacity for significant development or improvement, whether in the context of an individual's abilities, the expansion of an organization, or the progress of a society.