The Decision-Making Criteria Revolve Around Usually Three Levels of Desire

question 33

True/False

The decision-making criteria revolve around usually three levels of desire: must have,should have,and would be nice to have.

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Definitions:

Efficiency

The optimal use and allocation of resources to produce the maximum amount of goods and services with minimal waste.

Equity

The concept of fairness in economics, typically referring to ownership interest in a company or property, or the idea of justice in distribution of wealth or resources.

Command Economy

An economic system where the government controls the major aspects of production, distribution, and exchange of goods and services.

Central Planning

An economic system where all major production, investment, and distribution decisions are made by a central authority, typically the government.