ECONOMICS

Detailed explanation-1: -Answer and Explanation: The given statement is false.

Detailed explanation-2: -Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.

Detailed explanation-3: -Selecting the best solution is the most critical part of decision making. There is a risk element involved in each alternative against the expected gain. Selection should be made at proper time.

Detailed explanation-4: -Good Decisions Improve Interpersonal Relationships Good choices are essential in ensuring that interpersonal relationships work well. They allow people to move forward in their lives, which is the most crucial thing in life. Every day, millions of people around the world make decisions.

Detailed explanation-5: -Importance of decision making Our decisions affect people. Nearly every decision we make will affect different people in one way or another. It’s important to be aware of the influence our decisions will have, and understand what the “human cost” will be.