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Six steps of economic decision-making

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Christopher Burnett

on 3 December 2013

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Transcript of Six steps of economic decision-making

Six steps of economic decision-making
Economic Decision-Making
What is economic decision-making?
means of choosing a course of action among several alternatives.

Try to solve a problem

Adjust the foundation of a house

Ignore the problem
Contact companies located in the same city
Contact companies located in the next city
Contact companies located in other cities

What choice would you make?

Some advantages:
location of local companies, companies that guarantee of services, and companies that provides simple explanation of necessary services

Some disadvantages:
prices for services and location of company in next city or other cities

Choosing one choice: A local company that guarantees services and provides simple explanation of services.

Acting on choice: Schedule for local company to provide services of adjusting foundation of house.

Reviewing decision: Routinely check on condition of foundation of house.

What are the 6 steps of economic decision-making?
Defining the problem
Identifying choices
Evaluating the advantages and disadvantages of each choice
Choosing one choice
Acting on the choice
Reviewing the decision
Full transcript