Herbert Simon's Theory of Bounded Rationality Asserts That People's Reliance

question 110

True/False

Herbert Simon's theory of bounded rationality asserts that people's reliance on simple decision-making strategies often results in suboptimal decisions.

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Definitions:

Work Environment

The physical and psychological conditions under which employees operate, including factors such as safety, culture, and interpersonal relationships.

Authority

The power or right to give orders, make decisions, and enforce obedience, often within a specific domain or institution.

Communism

Marx’s hypothetical economic system in which ownership of the means of production is collective and workers’ labour is not exploited.

Marx's Ideas

Refers to the philosophical and economic theories of Karl Marx, which include the critique of capitalism and the advocacy for a classless society.