ECONOMICS (CBSE/UGC NET)

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ECONOMICS

DECISION MAKING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Jake has a history test on Friday. On Thursday night Jake’s friend asks him to go to the movies. Jake lists the positives and negative outcomes of each choice. Which step in the decision-making process is this?
A
Identify the decision to be made
B
List your resources and options
C
Analyze and study your options
D
Make your decision
E
Act on you decision
Explanation: 

Detailed explanation-1: -Why is the last step (step 5-reflect on decision) important? B. It helps you to think about your decision afterward to see if you would make that same decision again another time.

Detailed explanation-2: -There are three categories of decision-making: ‘deci-sions under certainty, ‘ ‘decisions under risk’ and ‘deci-sions under uncertainty’.

Detailed explanation-3: -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-4: -The first step in the decision making process is Identifying a problem which means examine the problem more closely and understand the cause of a problem.

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