ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Analyze and study your options
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Identify the decision to be made
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Act on your decision
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Evaluate the decision
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Choose the best solution to meet your needs and wants
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Detailed explanation-1: -Identify the alternatives. Weigh the evidence. Choose among the alternatives. Take action.
Detailed explanation-2: -Clarify= Clearly identify the decision to be made or the problem to be solved. Consider=Think about the possible choices and what would happen for each choice. Think about the positive and negative consequences for each choice. Choose=Choose the best choice!
Detailed explanation-3: -The third step in the problem solving process. Select the best solution. The fourth step in the problem solving process. Make and implement a plan of action.
Detailed explanation-4: -Step 1: Identify Your Goal. One of the most effective decision making strategies is to keep an eye on your goal. Step 2: Gather Information for Weighing Your Options. Step 3: Consider the Consequences. Step 4: Make Your Decision. Step 5: Evaluate Your Decision.