Information Is Best Described as

question 24

Multiple Choice

Information is best described as

• A)raw facts about transactions.
• B)data that has been organized and processed so that it is meaningful to the user.
• C)facts that are useful when processed in a timely manner.
• D)the same thing as data.

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Definitions:

Substitution Effect

The shift in consumption tendencies brought on by changes in the relative value of goods, compelling consumers to opt for an alternative product.

Utility Function

A mathematical representation that ranks alternatives according to their utility for an individual, illustrating preferences over a set of goods and services.

Substitution Effect

The change in consumption that results from a change in the price of one good relative to the prices of other goods, holding utility constant.

Income Effect

The change in consumption that results from a change in real income or purchasing power.