The Feasible Means of Converting Raw Inputs Such as Steel,labor,and

question 21

Multiple Choice

The feasible means of converting raw inputs such as steel,labor,and machinery into an output are summarized by:

• A) land.
• B) production.
• C) capital.
• D) technology.

Understand the concept of satisficing and its role in decision making.

Recognize the influence of problem framing on decision outcomes.

Identify factors that contribute to the violation of statistical principles in decision making.

Understand the relationship between the perception of problem framing (choice between losses vs. gains) and decision-making tendencies.

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Definitions:

Law Of Effect

A principle in psychology that states behaviors followed by positive outcomes are likely to be repeated, and those followed by negative outcomes are not.

Thorndike

An American psychologist known for his work in the development of the theory of connectionism and contributions to educational psychology.

Operant Conditioning

The procedure of influencing the level of a behavior by the use of positive reinforcement or negative sanctions.

Law Of Effect

A principle stating that responses followed by satisfactory outcomes become more likely to occur, and those followed by unsatisfactory outcomes become less likely.