About This Chapter
Business Organizations & Decision Making - Chapter Summary and Learning Objectives
The job of a manager in business is to make decisions. In this series of lessons, we'll look at the decision making process, including steps that can help you arrive at sound decisions. Other lessons look at entrepreneurship and the principle of rational choice. Along with multiple-choice lesson quizzes, the chapter comes with an exam that you can use to gauge your grasp of the covered concepts. By the end of these lessons, you should understand:
- Why rational choice theory explains some human behavior
- What various types of entrepreneurs do
- Why enterprise is related to entrepreneurship
- How to use sound decision making practices
- Why both intuitive and rational decision making are necessary
|What Is a Business Organization? - Structure, Types & Examples||Explore the definition of an organization as well as organizational structure and types.|
|Entrepreneurship & the Economy: Definition & Importance||Study the meaning of entrepreneurship and the role entrepreneurs play in the economy.|
|The Seven Steps of Decision Making||Learn to break down the decision making process into seven steps.|
|Principle of Rational Choice in Economics: Theory & Analysis||Discover the rational choice theory and why it explains choices that individuals make.|
|Intuitive Decision Making in Business and Management||Look at intuitive decision making and when it can be useful.|
1. Entrepreneurship & the Economy: Definition & Importance
Entrepreneurs fill a vitally important role in market economies. In this lesson, you'll learn about the importance of entrepreneurship, different types of entrepreneurs and how they add value to an economy.
2. The Seven Steps of Decision Making
Effective decision-making is an essential skill for every manager. In this lesson, you'll learn about a seven-step process for effective decision-making. You'll also have an opportunity to take a short quiz after the lesson.
3. Intuitive Decision Making in Business and Management
Managers often rely on patterns and intuition to make quick decisions. Intuitive decision making can be very beneficial in the business world and differs from rational processes in several ways. Learn more about both decision-making tools and find out which process provides the best solutions.
4. Principle of Rational Choice in Economics: Theory & Analysis
Economic theory is based on several important concepts. One of those concepts is that people make choices in their best self-interest. This is known as the Rational Choice Theory. We will explore this concept in more detail in this lesson.
5. What Is a Business Organization? - Structure, Types & Examples
Want to start a business? One of the first steps is to pick its form. In this lesson, you'll learn about the primary ways businesses are organized with examples provided along the way.
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Other chapters within the Economics: High School course
- Intro to Microeconomics
- Supply and Demand in Microeconomics
- Scarcity, Choice, and the Production Possibilities Curve
- The Federal Government & the American Economy
- Demand, Supply and Market Equilibrium
- Macroeconomic Equilibrium
- Aggregate Demand and Supply
- Microeconomics & Consumer Behavior
- Producers & Production in Microeconomics
- Economic Market Structures
- Comparative Advantage, Specialization and Exchange
- Scarce Economic Resource Markets Basics
- Measuring the Economy
- Inflation Measurement and Adjustment
- The Government & Microeconomics
- Understanding Unemployment
- Inflation and Unemployment
- Economic Growth and Productivity
- Money, Banking and Financial Markets
- Central Bank and the Money Supply
- Fiscal and Monetary Policies
- Foreign Exchange and the Balance of Payments
- Inflows, Outflows, and Restrictions