Decision Making

Choices; different ways to solve a problem; opportunities to choose among several courses of action.

• alternatives

• consequences

• risk

• opportunity cost

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 actions

• alternatives

• consequences

• risk

• opportunity cost

The possibility that your decision will result in a negative outcome; taking a chance; risk may involve losing money

• alternatives

• consequences

• risk

• opportunity cost

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.

• alternatives

• consequences

• risk

• opportunity cost

Choose the best one to complete the sentence:

You take a chance and buy a lottery ticket. The possibility that you will lose money is called:

• an alternative

• a consequence

• a risk

• an opportunity cost

Choose the best one to complete the sentence:

When you have different choices to solve problems, your choices are called:

• an alternative

• a consequence

• a risk

• an opportunity cost

Choose the best one to complete the sentence:

When trying to solve your problem, you should come up with positive and negative results. These are called:

• an alternative

• a consequence

• a risk

• an opportunity cost

Choose the best one to complete the sentence:

You give up something because you want something else more. What you give up is called:

• an alternative

• a consequence

• a risk

• an opportunity cost

The first step of the decision-making process is:

• listing your choices

• stating the problem

• evaluating the results of your choice

• getting information

What step is before "evaluate the results"?

• list possible choices

• state the problem

• select the best choice

• gather information