1.5.5 - Business Choices Flashcards
1
Q
Business Choices
A
- Decisions are made under circumstances of uncertainty
* Taking one course of action or decision may affect business ability to take an alternative action
2
Q
Opportunity Cost
A
The cost of missing out on the next best alternative when making a decision
3
Q
Trade-Off
A
A trade-off is a negative consequence/ compromise of a choice made by a business
