Economic Choices Question Preview (ID: 16958)
Review For 1st Semester Final.
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What is the third part on the decision making process?
a) choose one
b) evaluate the advantages and disadvantages of each choice
c) act on your choice
d) define the problem
The process of choosing which wants, amoung several options will be satisfied is
a) economic decision-making
b) trade-off
c) scarcity
d) opportunity cost
What is the second step in the decision making process?
a) choose one
b) act on you choices
c) review you decision
d) identify the choices
The value of the next-best alternative that you did not choose is
a) economic decision making
b) scarcity
c) opportunity cost
d) trade-off
How many steps are in the decision making press?
a) 4
b) 3
c) 6
d) 9
What is the sixth part on the decision making process?
a) define the problem
b) review your decision
c) idenitfy the choices
d) act on your choice
What is the first step of the decision making process?
a) identify the choices
b) act on the choices
c) define the problem
d) choose one
Not having enough resources to satisfy every need is
a) opportunity cost
b) trade-off
c) economic decision-making
d) scarcity
When you give up on something to have something else, you are making a
a) trade-off
b) economic decision-making
c) opportunity cost
d) scarcity
choose one is what part of the decision making process?
a) 1
b) 2
c) 3
d) 4
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