ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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My choices affect your choices, & vice versa.
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Each person in a task that he / she is good at performing.
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Either A or B
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None of the above
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Detailed explanation-1: -Several factors influence decision making. Those factors are past experiences, cognitive biases, age and individual differences, belief in personal relevance, and an escalation of commitment. Heuristics are mental shortcuts that take some of the cognitive load off decision-makers.
Detailed explanation-2: -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-3: -Consistently making good decisions is arguably the most important habit we can develop, especially at work. Our choices affect our health, our safety, our relationships, how we spend our time, and our overall well-being.
Detailed explanation-4: -The choices we make always affect someone. At times, a choice may primarily affect the person who makes it, but never exclusively. Every choice a person makes, large or small, from how time is spent to which career to pursue, will have an effect on another person.