If Chance or Uncertainty Is Present in a System Then

question 6

Multiple Choice

If chance or uncertainty is present in a system then there is an element of ____ in the decision-making problem.

• A) danger
• B) security
• C) risk
• D) difficulty

---

Definitions:

Price Inelastic

A characteristic of goods for which demand does not significantly change with a change in price.

Demand

The desire and ability of consumers to purchase goods and services at different prices, reflecting the relationship between price levels and quantity demanded.

Rising Health Care Costs

The increasing expense associated with medical services and products, affecting individuals, families, businesses, and governments.

Budgets

Financial plans detailing projected income versus expenditures over a specific period.