The Final Step in the Decision Making Process Is To

question 9

Multiple Choice

The final step in the decision making process is to:

• A)make the decision.
• B)identify the decision problem.
• C)evaluate costs and benefits of alternatives.
• D)review the results of the decision.

---

Definitions:

Factor Market

The marketplace for services of the factors of production (labor, land, capital) where these are bought and sold.

Circular-Flow Diagram

A visual representation emphasizing the economic interactions and monetary flow between households and firms within various markets.

Households

Units of individuals living together, typically sharing living expenses, and making joint decisions on consumption and financial matters.

Money

A means of trade employed to simplify the process of buying and selling goods and services.