Economists Use the Term ______ to Refer to Fluctuations in Economic

question 169

Short Answer

Economists use the term ______ to refer to fluctuations in economic activity, such as employment and production.

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Definitions:

Bounded Rationality

The concept that when individuals make decisions, their rationality is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.

Political Acceptability

The degree to which a policy, action, or decision is considered acceptable by political entities and the general public.

Organizational Members

Individuals who are part of a company or institution and contribute to its goals and culture.

Maximization

The choice of the decision alternative with the greatest expected value.