ECONOMICS

Detailed explanation-1: -2. Procrastination is an example of an economic influence on decision-making. 3. Higher interest rates result in higher costs of borrowing money.

Detailed explanation-2: -Students should also be aware of opportunity cost-what a person gives up when a decision is made.

Detailed explanation-3: -The first step in the decision making process is Identifying a problem which means examine the problem more closely and understand the cause of a problem.

Detailed explanation-4: -How Can A Decision Impact Others? There is a chain of events associated with everything decision we make. The bigger the decision, the more life-changing the chain of events will be for the decision-maker and others around them. The impact can be positive or negative, but there is always a consequence.