ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Opportunity cost is what you give up (the benefits of the next best alternative) when you make a choice.
Detailed explanation-2: -What are my options, and what are the pros and cons of each option? A year from now, if I decide to do X, what might this look like? What’s the worst-case outcome? What would I tell a friend to do? 07-Feb-2023
Detailed explanation-3: -Don’t let stress get the better of you. Give yourself some time (if possible). Weigh the pros and cons. Think about your goals and values. Consider all the possibilities. Talk it out. Keep a diary. Plan how you’ll tell others. More items
Detailed explanation-4: -Will the decision I make affect other people and if so, how? What am I sacrificing because of my decision? Am I acting in a responsible manner? Will there be long-term consequences because of my decision? More items •30-Apr-2021