The Administrative Model Is Based on Three Important Concepts: Bounded

question 36

True/False

The administrative model is based on three important concepts: bounded rationality,complete information,and optimizing.

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Definitions:

Choices

The range of different options or decisions available to an individual or organization.

Rivalry

The competitive relationship between businesses in the same industry, aiming to achieve higher sales, market share, and customer loyalty.

Competition

A scenario where two or more parties strive for a common goal which cannot be shared, such as market share, victory in a sport, or the acquisition of a contract.

Industry

Refers to the production of goods or services within an economy, typically classified into sectors based on their main source of revenue and activity.