A(n) ________ Is a Schematic Model of Alternatives Available to the Decision

question 40

Short Answer

A(n) ________ is a schematic model of alternatives available to the decision maker, along with their possible consequences.

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Definitions:

Market Resources

The assets, materials, and inputs used to produce goods and services and are made available through the market.

Entrepreneurs

Individuals who innovate, finance, and manage business ventures, often taking on greater than normal financial risks.

External Cost

Costs that a producer or consumer inflicts on a third party who is not involved in the production or consumption of the goods or services.

Economic Efficiency

A situation in which all resources in an economy are optimally distributed to serve each individual or entity in the best way while minimizing waste and inefficiency.