ECONOMICS
INCENTIVES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identify the problem
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Evaluate the alternative
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Make a decision
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Identify the criteria
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Detailed explanation-1: -P. Step 1: Define the Problem. Why do you have to make a choice? A. Step 2: List the Alternatives. What are my possible choices? C. Step 3: Determine the Criteria (rules for evaluating or testing options) E. Step 4: Evaluate the alternatives. D. Step 5: Make the Decision.
Detailed explanation-2: -Their assigned goal is go through the PACED steps-1) Define the Problem, 2) List Alternatives, 3) Determine Criteria, 4) Evaluate Alternatives, and 5) Make a Decision.
Detailed explanation-3: -[PACED stands for problem, alternatives, criteria, evaluate, decide; A problem is a question or situation that needs to be solved. Alternatives are choices you can use to solve your problem. Criteria are reasons used to judge your alternatives. Evaluate is judging your alternatives to reach a decision.]
Detailed explanation-4: -PACED Matrix Then during step 3 (the criteria step) you’ll list the criteria against which the alternatives will be evaluated in the first row of the table. In step 4 (evaluate), you’ll evaluate each alternative and record scores.
Detailed explanation-5: -Step 2: List the Alternatives. Step 3: List important Criteria to consider. Step 4: Evaluate each Alternative. Step 5: Make a Decision.