Limited Resources
This term means 'not enough resources'
Scarcity
Netflix is an example of a company who makes decisions using ____________.
Logic
A form of news with a deliberate propaganda attempt to disseminate hoaxes
Fake News
Forecasting and predicting are examples of what?
Inductive Reasoning
One of the largest expenses for a business is ___________.
new employees: recruiting, hiring, and training
This is the mental and physical effort made by humans for production of goods and services.
Labor
The human effort to design, launch, and run a business is ____________.
Entrepreneurship
Publications have ______________ which means that they will choose to publish material that aligns with their goals.
objectives
Is this statement inductive, deductive, or conditional reasoning? If I carefully pack my backpack for school, I will have everything I need for school.
Conditional Reasoning
Naturally-occurring materials that are used for the production of goods and services.
Land
One of the most common assumptions in economics is that consumers have ___________.
endless wants
Using logic can help you make what kinds of decisions?
Rational
How long has the phenomenon of fake news existed?
Since around the 13th Century!
The intent of a business article can vary depending on ___________.
the source
Financial assets that are used for the production and manufacturing of goods are referred to as ____________.
Capital
Buildings, equipment, machinery, and tools are all examples of:
Capital
When a decision can be __________, it is most likely the correct decision.
When evaluating a business article, it is important to consider many factors to determine if the article presents _________.
Unbiased and accurate information
Which type of reasoning takes specific information and makes broad generalizations which are considered to be probable or likely?
Inductive Reasoning
Logical thinking helps you process __________.
facts
The duration of labor shortages (short-term, long-term, or permanent) can depend on what?
The specific type of labor and industry.
This kind of reasoning uses if/then statements.
Conditional Reasoning
Experience, level of expertise, educational background, and business knowledge relate to evaluating what aspect of a business article?
The Author
Which type of reasoning dictates that if the premise is true, the conclusion will also be true?
Name one kind of reasoning we discussed this week.
Inductive, Deductive, Conditional