Explain the concept of satisficing.

Explain the concept of satisficing.

Satisficing is a concept in economics that refers to the decision-making process where individuals or firms aim to achieve a satisfactory outcome rather than maximizing their gains or minimizing their losses. Instead of searching for the best possible option, satisficers settle for a choice that meets their minimum requirements or criteria. This approach acknowledges that decision-making is often constrained by limited information, time, and resources. Satisficing allows individuals or firms to make decisions that are "good enough" and avoid the costs and complexities associated with exhaustive search and analysis.