Decision Making

 Definitions of decision making

• Incentives: Things that motivate you to do or choose something
• Utility: Satisfaction
• Opportunity Cost: The value or positives of what you COULD have/ What you loose.
• Trade-offs: Choices

Decisions related to Economics
Every day there are numerous decisions that are being made world wide. Economics is one of the biggest parts in society where decision making has a great impact on on how people succeed and how our country succeeds as a whole. If the decisions that need to be made are not looked at closely and thought about thoroughly the out come could be catastrophic. The fact that most of the decisions we have to make involve money makes decision making one of, if not the biggest aspect of economics.

Tips On Making Decisions 

1. Always examine the possible outcomes of each choice thoroughly
2. Don't let others be a negative influence on the decisions you make
3. Try to make decisions that are the best for you, without harming anyone involved

NEWS ARTICLE:  http://www.boston.com/news/nation/articles/2006/02/17/thought_for_thinkers/

DECISION MAKING VIDEO: http://academicearth.org/lectures/how-do-you-establish-decision-making-process