BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic Decision Making
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Goods
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Command Economy
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Demand
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Detailed explanation-1: -The steps are: 1) Define the problem 2) Identify possible alternatives 3) Develop criteria and a ranking system 4) Evaluate alternatives against the criteria 5) Make a decision.
Detailed explanation-2: -Economics is the study of how people seek to satisfy their needs and wants by making choices.
Detailed explanation-3: -The three basic decisions made by all economies are what to produce, how it is produced, and who consumes it.
Detailed explanation-4: -Economic decision makers are either internal or external. Internal decision makers are individuals within a company who make decisions on behalf of the company, while external decision makers are individuals or organizations outside a company who make decisions that affect the company.