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: -Criteria: Students select the criteria on which the alternatives should be evaluated. This is where the students decide which values are important to them to ensure that their evaluation produces a meaningful decision. Evaluate: Students evaluate how well each alternative meets the chosen criteria.
Detailed explanation-2: -PACED is an acronym: P identify the problem. A list the alternatives. C name your criteria. E.
Detailed explanation-3: -Their assigned goal is go through the PACED steps-1) Define the Problem, 2) List Alternatives, 3) Determine Criteria, 4) Evaluate Alternatives, and 5) Make a Decision.
Detailed explanation-4: -Step 1: Define the Problem. Why do you have to make a choice? Step 2: List the Alternatives. Step 3: Determine the Criteria (rules for evaluating or testing options) Step 4: Evaluate the alternatives. Step 5: Make the Decision. The Decision: Which one would work best for you?