An example that I would give of a situation in which a real-life problem has to be solved or a decision has to be made using good judgement would be the case of deciding what to study in university:
<em>"When I had to decide what I was going to study, I immediately put journalism out of my mind, as I believed it did not suit my personality. Even though I loved writing, I had always imagined that journalists had to be aggressive, </em><em>overconfident</em><em> and pushy, and that news only happened in other, more interesting places. I could not see how that could fit me. The school counselor I talked to kept telling me that this was not the case, but my </em><em>belief perseverance</em><em> would not let me listen to other information. In the end I decided to go for accounting. I believed that accounting was only about boring numbers, and for the first few months, I was responsible of </em><em>confirmation bias</em><em>, as that was the only thing I noticed about my studies. However, over time, I grew to like the path I had chosen, and I do not regret it."</em>
<span>It
provides choices for employment, encourages innovation and competition and
freedom for the individual to choose what the market provides. These advantages also results to low costs, increases
chances for wealth and a variety of goods and services. It also motivates us to
take part in economic activity.</span>
No it isn’t I hope it’s correct
It is called experimenter bias
experimenter bias refers to the cognitive bias that held by researchers that might cause them to subconsciously influence the outcome of the experiment.
The most likelt cause of this bias is a situation where experimenters held a certain belief or expectation for the outcome of the experiment.
Companies like Walmart that assert a "more for less" strategy are using value-based pricing.
What is value-based pricing?
- Value-based pricing is a method of setting prices that is mostly based on how much a consumer thinks a product or service is worth.
- Value pricing is which means that businesses set their prices in accordance with what consumers think a product is worth.
- Value-based pricing differs from "cost-plus" pricing, which computes prices after taking manufacturing costs into account.
- Companies that provide distinctive or highly desirable products or services are better positioned to benefit from the value pricing model than those that sell primarily commoditized goods.
- The value-based pricing theory primarily applies in marketplaces where owning a product improves a customer's self-image or enables unmatched life experiences.
To learn more about Value-based pricing refer to:
brainly.com/question/17438199
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