Asked by Sarah Collins on May 10, 2024
Verified
Permanently lost resources that often enter inappropriately into subsequent decision making are called ________.
Sunk Costs
Expenses that have already been incurred and cannot be recovered, which should not influence future business decisions.
Subsequent Decision Making
Refers to the process of making decisions that follow an initial decision, taking into account the outcomes and new information that have emerged since the first decision.
- Understand the concept of sunk costs and how they impact decision making.
Verified Answer
TG
Learning Objectives
- Understand the concept of sunk costs and how they impact decision making.