What Is Information Richness

question 38

Multiple Choice

What is information richness?

• A) A global public network of computer networks that pass information from one to another using common computer protocols.
• B) The depth and breadth of details contained in a piece of textual, graphic, audio, or video information.
• C) The number of people a business can communicate with, on a global basis.
• D) Occurs when those with access to technology have great advantages over those without access to technology.

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Definitions:

Efficiently Produce

The ability of an entity or economy to maximize output with the given set of resources and technology, minimizing waste and costs.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods, given a set of inputs.

Maximum Possible Output

The highest quantity of goods and services an economy can produce when it is utilizing all of its resources efficiently.

Efficient Use

The allocation of resources in a manner that maximizes the output of goods and services with minimal waste.