Goals
what type of goal is over a year
long term goal
dilemma that exist because of unlimited wants and limited resources
scarcity
purchase made on a whim without planning
impulse purchase
degrees that indicate knowledge in a certain subject area
credentials
step 1
identify the decision
what type of goal is less than a year
short term goal
what you give up when you decide to use resources one way rather than another
opportunity cost
interest, products, styles that people take with exaggerated enthusiasm for a brief time
fads
preference that might prevent impartial judgement
Bias
step 2 & 3
collect info, identify options
strongly held beliefs and principles
values.
4 ways you can use resources effectively
expand them, conserve them, substitute them, and exchange them(bartering)
possessions or activités by which social or economic prestige is measured
status symbols
people that advise others on financial matters such as taxes, insurance, and investments
professional advisors
step 4
weigh advantages & disadvantages
your judgements about the relative importance of alternatives
priorities
what is the management process
plan, organize, implement, evaluate
purchasing goods or services to impress others
tv, radio, magazines, & newspapers are all examples of
media sources
step 5 & 6
choose, take action
standard
8 ways to manage time and energy
stay focused, identify time wasters, get organized, plan ahead, make to-do list, take action, make use of free time, value other peoples time
applying reasoning to strategies to make sound decisions
critical thinking
what are 4 factors that affect consumer decisions
personal, family, culture, social
step 7
evaluate