What Is the First Step in the Decision-Making Process

question 3

Multiple Choice

What is the first step in the decision-making process?

• A)Identify available options.
• B)Specify the problem and goals.
• C)Measure costs and benefits.
• D)Make a final decision.

---

Definitions:

Leisure

Free time spent away from business, work, and domestic chores, often used for relaxation, recreation, or hobbies.

Substitution Effect

The effect of a change in the price of a good or service on the demand for that good or service, due to consumers switching to or from substitutes.

Wages

The fixed regular payment, usually calculated on an hourly, daily, or weekly basis, paid by an employer to an employee for work performed.

Leisure

Time spent away from work and other obligations, used for relaxation or chosen activities.