In this scenario, Frankie must consider whether making one choice will force him to give up another. Based on what you have read, which economic concept is Frankie faced with?
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Answered by
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In real-life business situations, decisions can often fail because the best alternatives are not clear at the outset, or key factors are not considered as part of the process. To stop this happening, you need to bring problem-solving and decision-making strategies together to clarify your understanding.
A logical and ordered process can help you to do this by making sure that you address all of the critical elements needed for a successful outcome.
Working through this process systematically will reduce the likelihood of overlooking important factors. Our seven-step approach takes this into account:
Create a constructive environment.
Investigate the situation in detail.
Generate good alternatives.
Explore your options.
Select the best solution.
Evaluate your plan.
Communicate your decision, and take action.
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A logical and ordered process can help you to do this by making sure that you address all of the critical elements needed for a successful outcome.
Working through this process systematically will reduce the likelihood of overlooking important factors. Our seven-step approach takes this into account:
Create a constructive environment.
Investigate the situation in detail.
Generate good alternatives.
Explore your options.
Select the best solution.
Evaluate your plan.
Communicate your decision, and take action.
I hope it help you plzz mark me brainliest ans and follow me
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2
Answer:
Opportunity cost
Explanation:
got it right on edge2021
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