ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Personal
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Social
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Economic
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Cultural
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Attitude
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Detailed explanation-1: -Various factors like economy, society, law, and political environments drive managers to plan their goals and targets accordingly. However, the weather changes on a day-to-day basis and so, it does not impact the important decisions in a business.
Detailed explanation-2: -Several factors influence decision making. Those factors are past experiences, cognitive biases, age and individual differences, belief in personal relevance, and an escalation of commitment.
Detailed explanation-3: -Significant factors include past experiences, a variety of cognitive biases, an escalation of commitment and sunk outcomes, individual differences, including age and socioeconomic status, and a belief in personal relevance. These things all impact the decision making process and the decisions made.
Detailed explanation-4: -The correct answer is (B) Risky. Risky is not a type of personal decision-making style.