What Does the Acronym SMART Stand For

question 8

Multiple Choice

What does the acronym SMART stand for?

• A)Special, maximum, achievable, respectable, and timely
• B)Special, minimal, approximate, realistic, and timely
• C)Specific, minimal, achievable, realistic, and timely
• D)Specific, measurable, achievable, realistic, and timely

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Definitions:

Resources

Assets, materials, and inputs needed for the production of goods and services, including natural resources, human resources, and capital.

Economics

The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.

Scarce Resources

Resources that are limited in supply and cannot meet all the wants and needs of a society.

Trade-offs

Decisions that involve sacrificing one goal or benefit in order to gain another, often used in the context of economic and financial planning.