Final answer:
A 'state of nature' represents situations or occurrences that are beyond the control of decision-makers, such as natural disasters or economic crises, impacting individuals' ability to provide for themselves without any ability to influence these outcomes.
Step-by-step explanation:
An occurrence or a situation over which the decision maker has little or no control is referred to as a state of nature. This includes any economic risks or other uncertainties that an individual may face, such as a natural disaster, war, or massive unemployment. These events affect one's ability to provide for themselves and their families and lie outside the realm of personal control. In the context of decision-making and business, the state of nature represents the external environment that impacts the outcomes but cannot be manipulated by the individual's choices.