BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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hiring part-time employees to save on costs
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Endorsing an independent candidate in state elections
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updating directions to your office on the company website
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Following up with a customer after she exchanged an item
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Detailed explanation-1: -Examples of economic choice include the choice between different ice cream flavors in a gelateria, the choice between different houses for sale, and the choice between different financial investments in a retirement plan.
Detailed explanation-2: -The five main types of engineering economic decisions are (1) service improvement, (2) equipment and process selection, (3) equipment replacement, (4) new product and product expansion, and (5) cost reduction.
Detailed explanation-3: -A business decision, sometimes called an operational decision, is any choice made by a business professional that determines short-term or long-term company activities.
Detailed explanation-4: -People are usually not aware of economic influences that can affect decision-making. These economic factors include inflation, interest rates, and the unemployment rate. Also, common risks associated with decision-making are often not considered.