The Economic Way of Thinking Stresses That

question 179

Multiple Choice

The economic way of thinking stresses that

• A) changes in personal costs and benefits will exert a predictable influence on the choices of human decision makers.
• B) only direct monetary costs matter in making decisions.
• C) if a good is provided free to an individual, its production will not consume valuable scarce resources.
• D) secondary effects are not important to consider when making decisions.

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Definitions:

Analyzing

The process of examining data or details systematically to understand their structure, uncover relationships, and extract meaningful information.

Chief Information Officer

An executive responsible for managing and implementing technology and information systems within an organization.

Information Systems

Systems that manage and process data to support decision-making and operations in an organization.

Big Data

Information collected in massive amounts and at unprecedented speed from both traditional and digital sources that is used in business decision making; complex structured or unstructured sets of information that traditional processing applications are unable to analyze.