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Six steps of economic decision-making

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by

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

Problem:
Adjust the foundation of a house

Choices:
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
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