In Decision-Making, Fixed Factors That Affect the Result Variables but Are

question 25

Short Answer

In decision-making, fixed factors that affect the result variables but are not manipulated by decision maker are called ________ variables.

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Definitions:

International Leaders

Individuals who have a significant influence on global affairs, often heads of states, CEOs of multinational corporations, or leaders of international nonprofit organizations.

Rational Economics

The study of how individuals and groups make decisions to allocate resources in order to maximize their welfare.

Utility Maximization

An economic principle that suggests individuals seek to achieve the highest level of satisfaction or utility from their actions and decisions.

Needs and Wants

The basic requirements for survival, such as food and shelter, compared to desires or wishes that do not necessarily contribute to one’s survival.