Business, 24.09.2019 00:10 KingSavage278

Astudent who works at a record store and plays in a rock band thinks for a minute about his own music-purchasing habits, and then makes a quick guess about the number of other students who buy more than 30 cds a year. he grossly overestimates. he has probably applied the

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Answer from: spaztrid

The correct answer is anchoring and adjustment heuristic.

Explanation:

It is a cognitive bias that describes the common human tendency to rely too much on the first piece of information that is offered when making decisions: the "anchor." It is also known as the "focus effect." During decision making, anchoring occurs when people use an initial piece of information to make subsequent judgments. Once the anchor is fixed, the rest of the information is adjusted around the anchor position incurring a bias.

For example, the initial price offered by a used car sets the standard for the rest of the negotiations, so prices lower than the initial price seem more reasonable even if they are still higher than what the car really is worth. Similarly if you ask about the population of Ukraine: "Is it greater than or less than one hundred million people?", The answers will vary, but in general they will be somewhat less than that figure. However, if the question were: "Is the population of Ukraine greater or less than twenty million people?", The answers will vary, but the average number of responses will not change much compared to the initial anchor. That is, it starts from the "anchor value" and an adjustment is made ... which is usually in the right direction but of insufficient magnitude.

Answer from: Quest

Apotato i'm guessing?

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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