Econ Game

What is rational decision-making?

• A process of comparing costs and benefits of various options to determine which are rational and which are rational

• Decisions whose total cost is greater than their total benefit

• Costs that you only pay once, or that you multiple times, but each time you pay the same amount.

• Negative feelings that you experience or non-physical things that you give up as result of a decision (giving up a relationship, losing time, feeling sad, etc...)

What are Explicit Costs?

• Negative feelings that you experience or non-physical things that you give up as result of a decision (giving up a relationship, losing time, feeling sad, etc...)

• Costs that you only pay once, or that you multiple times, but each time you pay the same amount.

• Costs that you pay multiple times, but each time you pay a different amount

• Something physical you give up as a result of a decision (money, other valuables)

What are costs?

• To receive the most from.

• What is gained when a decision is made.

• A circumstance.

• What is given up when a decision is made.

What is Nominal Value?

• In-depth study.

• The value of a good or service in terms of money.

• Thinking that considers something in a logical way.

• Receiving the most benefits with relatively few costs.

What is an Analysis?

• What is given up when a decision is made.

• What is gained when a decision is made.

• In-depth study.

• The sum total.