ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In regards to the Decision Making Process, which step is incorrect?
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Define your needs and wants
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Analyze your resources
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Identify your choices
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Opportunity Cost
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Gather Information
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Explanation:
Detailed explanation-1: -Opportunity cost is the value or benefit of an alternative choice compared to the value of what is chosen. The concept of opportunity cost is used in decision-making to help individuals and organizations make better choices, primarily by considering the alternatives.
Detailed explanation-2: -The correct answer is d) The money a student spends on rent for his apartment while attending school.
Detailed explanation-3: -Sunk costs are those which have already been incurred and which are unrecoverable. In business, sunk costs are typically not included in consideration when making future decisions, as they are seen as irrelevant to current and future budgetary concerns.
There is 1 question to complete.