The Graphic Description of the Flow of Data Within an Organization

question 59

Multiple Choice

The graphic description of the flow of data within an organization is called a

• A)systems flowchart.
• B)data flow diagram.
• C)context diagram.
• D)document flowchart.

Distinguish between shifts and pivots of the budget constraint to represent different economic scenarios.

Explain the concept of opportunity cost in the context of budget constraints and consumer choice.

Understand the relationship between budget constraints and the consumer's choice set.

Apply mathematical equations to represent budget constraints and solve for optimal consumer choices.

---

Definitions:

Clothing

Garments and articles worn on the body, typically made from fabric or textiles.

Budget Constraint

The limitation on the consumption bundles that a consumer can afford given their income and the prices of goods and services.

Income

The sum of all a household’s wages, salaries, profits, interest payments, rents, and other forms of earnings in a given period of time. It is a flow measure.

Price

The cost at which something is sold or bought, determining the economic transaction between buyers and sellers.