ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -the act or process of deciding; determination, as of a question or doubt, by making a judgment: They must make a decision between these two contestants.

Detailed explanation-3: -Choice is the outcome of a process which involves assessment and judgement; that is, the evaluation of different options and making a decision about which option to choose. In order for these processes to take place and a choice to be made, there need to be two or more alternatives from which to choose.

Detailed explanation-4: -Formulate possible solutions – identify a wide range of possible solutions. Evaluate possible solutions – weigh the advantages and disadvantages of each solution. Think through each solution and consider how, when, and where you could accomplish each. Consider both immediate and long-term results.

Detailed explanation-5: -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.