Facts and Figures Obtained by Watching,either Mechanically or in Person,how

question 28

Multiple Choice

Facts and figures obtained by watching,either mechanically or in person,how people actually behave are referred to as __________ data.

• A)virtual
• B)hypothetical
• C)primary source
• D)observational
• E)statistical

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Definitions:

Opportunity Cost

The value of the best alternative that is foregone by choosing a particular action or decision, important in evaluating the cost of choices.

Alternative

An option among a set of choices in decision-making scenarios.

Total Costs

The sum of all expenses incurred by a business in producing goods or services, including fixed and variable costs.

Prime Cost

Direct materials cost plus direct labor cost.