Making Decisions
List possible alternatives.
What is the 3rd step on the problem solving process?
– outcomes or results of a decision; what will happen depending upon what you choose to do; these are determined by your actions or lack of action
What is consequences?
ex. Legal Aid, county health clinics, Family Counseling
Going along with what your family, teachers, or friends expect you to do.
What is compliance ?
rising prices for goods and services and lower buying power of the dollar
What is inflation?
Your income can change for a variety of reasons. When people buy fewer goods, others may lose their jobs.
What is income-risks?
Consider the consequences of each choice (action) and evaluate the alternatives and making the your decision.
What is the 4th and 5th steps in the decision making process?
a trade-off. It refers to what you give up when a decision is made or the cost of giving up one thing in order to get something that you want more. The cost may involve your time, money, and/or effort
What is opportunity costs?
ex. Consumer Reports, PC Magazine, Car and Driver
What are books and magazines that can help with making decisions?
Choosing an option that prevents an unpleasant result.
What is avoidance?
the cost of borrowing money. Lower interest rates encourage consumer spending; higher rates encourage saving and less borrowing
What is interest rates?
Inflation involves rising prices, meaning you will be able to buy less for your money. If you wait to buy an item later, it may cost more
What is inflation risks?
The final step in the decision making process.
Listing good and bad things that could happen
What is listing pros and cons?
use search engines such as Yahoo, Google, or Bing
What is the internet searches to help with decision making process?
Choosing an option that will probably be successful and which you like the best.
Synthesis is the best decision making strategy?
the number of unemployed people who are willing to work, which affects consumer spending and job opportunities
What is the unemployment rate?
Whenever you make a decision to make, spend, save or borrow money, there is some risk involved. It is important to compare interest rates if you’re opening a savings account or if you need to borrow money to make a big purchase (
What is decision making risks?
Gather information
What is the 2nd step in the decision making process?
the possibility that your decision will result in a negative outcome; taking a chance; risk may involve losing money.
What is risks?
ex. banks, insurance and investment companies
Who are professional services to help with making decisions?
Waiting to act on a decision for so long that your choices become limited.
What is procrastination?
the demand for goods and services, which affects prices and job opportunities
What is consumer spending?
Inflation involves rising prices, meaning you will be able to buy less for your money. If you wait to buy an item later, it may cost more.
What is inflation-risks?
Identify the problem or goal.
What is the 1st step in the decision making process?
choices; different ways to solve a problem; opportunities to choose among several courses of action.
What is alternatives?
(ex. parents, teachers, counselors, clergy, lawyers)
People who might have the kind of experience necessary to provide information, advice and support in making a specific decision?
Choosing the first alternative that comes to mind without thinking about the consequences.
What is spontaneity?
changes in how much the dollar is worth
What is consumer prices?
Interest is the money you pay to borrow money. Banks also pay you interest when you deposit your money there. Interest rates can change, affecting the cost for you to borrow money and the money your savings earn.
What is interest-risks?