Which of the Following Is NOT One of the Three

question 54

Multiple Choice

Which of the following is NOT one of the three fundamental concepts of economics?

• A) profit maximization
• B) marginalism
• C) opportunity cost
• D) the working of efficient markets

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Definitions:

Organizational Objectives

Organizational objectives are the specific, measurable goals set by a company or organization to guide its operations towards its strategic vision.

Marketplace Needs

The demands or requirements of consumers in a specific market, which businesses aim to satisfy through their products or services.

Strategic Planning

A systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.

Vision

A forward-looking statement or concept that outlines what an organization or individual aspires to achieve in the future.