Which of the Following Approaches to Decision Making Is Based

question 44

Multiple Choice

Which of the following approaches to decision making is based on the concept of "economic man"?

• A) The minimax approach
• B) The risk-averting approach
• C) The synectics approach
• D) The satisficing approach
• E) The optimizing approach

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Definitions:

Psychological

Relating to the mind or mental processes and how they affect behavior and well-being.

Narrow Sample

A study group that is limited in scope or diversity, which may affect the generalizability of the findings.

Culturally Diverse

Referring to a setting or environment that includes individuals from multiple cultural backgrounds, promoting inclusivity and varied perspectives.

Industrialized

Referring to a society or country that has developed complex industries in large scale, impacting its economy, employment, and social structure.