The Automated Response We Use to Make Programmed Decisions Is

question 37

Short Answer

The automated response we use to make programmed decisions is called a ______________.

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Definitions:

Opportunity Cost

The sacrifice of prospective advantages from other possibilities when one option is selected.

International Trade

The exchange of goods and services between countries, which can involve exports, imports, and the trading of resources.

Comparative Advantage

The ability of an entity to produce goods or services at a lower opportunity cost than others, leading to more efficient trade possibilities.

Opportunity Costs

Opportunity costs represent the benefits an individual, investor, or business misses out on when choosing one alternative over another.