In a Preference Decision,which of the Following Criteria Might Be

question 47

Multiple Choice

In a preference decision,which of the following criteria might be used to rank-order the projects?

• A)Rate of return
• B)Return on investment
• C)Expected opport
• D)All of these ans choices are correct.

Identify the variables that influence group decision-making processes and outcomes.

Recognize the phenomenon of groupthink and its potential to lead to poor decision-making.

Understand the factors that can reduce the likelihood of groupthink and improve group decision-making quality.

Acknowledge the influence of situational factors on behavior and the potential for changing behaviors by altering situations.

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Definitions:

Circular-Flow Diagram

A visual model that shows how goods, services, and money move through the economy in a continuous, circular flow between households and firms.

Money

A medium of exchange used to facilitate transactions for goods and services.

Goods and Services

The products and activities offered by businesses to satisfy economic needs or wants; goods are tangible items, while services are intangible acts or performances.

Factors of Production

Resources used in the production of goods and services, typically categorized into land, labor, capital, and entrepreneurship.