ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Decision-making
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Problem
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Uncertainty
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Decision
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Detailed explanation-1: -Selecting one from the various alternatives is called decision making. When trying to make a good decision, a person must weigh the positives and negatives of each option, and consider all the best possible alternative.
Detailed explanation-2: -Brainstorming. Brainstorming is a good technique for identifying alternatives. Making lists of possible combinations of actions can generate ideas that can be shaped into alternatives. Often this is best done with a small group of people with different perspectives, knowledge, and experience.
Detailed explanation-3: -Decision-making is the process of choosing from various alternatives to solve a given problem. Hence statement 2nd is correct.
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.