Paragon company

alvin, the production manager at the paragon company, wants to select the best supplier of raw materials from among several vendors. he has several choices and has done research into which company provides the best services and products. one company is known to be extremely timely, another is much lower in price but often late in deliveries, and the third is well-known to provide the highest quality products available.

according to the rational choice decision making process, the first step in solving this problem would be:

Step 1: Identify and define the problem

Explanation

This is the first goal to achieve for the company in order to select an alternative upon a rational decision-making process.

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.