ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Getting married and having a child stand out clearly here. Other fairly common big life decisions include starting a new job and perusing a degree. Less common, but among the highest ranked life decisions, include ending a life – such as that of an unborn child or a dying parent – and engaging in self-harm.

Detailed explanation-2: -Decision making can also be classified into three categories based on the level at which they occur. Strategic decisions set the course of organization. Tactical decisions are decisions about how things will get done. Finally, operational decisions are decisions that employees make each day to run the organization.

Detailed explanation-3: -Several factors influence decision making. Those factors are past experiences, cognitive biases, age and individual differences, belief in personal relevance, and an escalation of commitment.

Detailed explanation-4: -1] Making routine choices and judgments. When you go shopping in a supermarket or a department store, you typically pick from the products before you. 2] Influencing outcomes. 3] Placing competitive bets. 4] Making strategic decisions. The constraint of decision making research.