The External Environment Is a System of Integrated Elements--People, Structures

question 68

True/False

The external environment is a system of integrated elements--people, structures, processes, and procedures--acting together to provide reasonable assurance that an organization achieves both its operations system and its information system goals.

---

Definitions:

Budget Line

An illustrative chart of all the possible pairs of two items that can be bought within a certain budget at fixed prices.

Price Of X

Refers to the cost that consumers face when purchasing a specific good or service, denoted as "X".

Preferences

In economics, this refers to the subjective tastes and choices of individuals, based on the assumption that consumers prefer more of a good or service than less.

Budget Equation

A financial formula representing the balance between an individual's or entity's income and expenses, often used in personal finance or economic models.