The First Step in the Communication Process Is

question 21

Multiple Choice

The first step in the communication process is

• A) meaning.
• B) encoding.
• C) decoding.
• D) transmission.
• E) channel creation.

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Definitions:

Monetary Cost

The amount of money that must be paid or spent to acquire goods, services, or assets.

Implicit Cost

The opportunity costs that arise from using assets, resources, or funds in specific ways rather than the next best alternative.

Capital

The total value of assets owned by an individual or firm—physical assets plus financial assets.

Opportunity Cost

The cost of the next best alternative foregone as the result of making a decision.