About This Chapter
Principles and Basis of Business Decisions - Chapter Summary
This chapter highlights the seven steps involved in decision making and introduces the process of evaluating methods for allocating goods and services. You'll examine the function of choice and the rational choice theory. Explore the brief video lessons for a fun and effective way to familiarize yourself with the important discussion points. Topics that you'll learn about in the lessons are as follows:
- The decision making process
- Economic scarcity
- Intuitive decision making in business
- Resource allocation
- Tips for making realistic major decisions
Transition between various video portions with ease by using the convenient video tags. Get an idea of how well you're comprehending this chapter's information via the lessons' self-assessment quizzes. Wrap up your study of this topic in no time with these videos that can each be viewed in about 5-10 minutes. Once you're done studying business decisions, take the chapter exam to see how well you understand the material.
1. 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.
2. 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.
3. Tips for Making Realistic Major Choices
This video will offer tips for making realistic major choices. In the lesson, you will learn questions to ask yourself that will guide you in finding major choices that are right for you.
4. Allocating Resources: Cost/Benefit Analysis
In a perfect world we can have our cake and eat it too, but the world is not perfect and we often must choose one thing over another. In this lesson, you'll learn about how we can use cost-benefit analysis to make such decisions.
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Other chapters within the US History 2 Study Guide course
- Industrialization & Urbanization in America
- The Progressive Era
- American Imperialism
- The Roaring 20s
- The Great Depression
- America & World War II
- America in the Cold War
- US Protests, Activism & Civil Rights
- 1970s America
- The Presidents of Contemporary America
- Explaining American Traditions
- 21st Century America (1992-2013)
- Elements of American Government
- U.S. Public Policy & Social Programs
- The Economics of Public Policies
- Fiscal & Economic Policy of American Government
- Employment and Unemployment Issues
- Modern Economic Systems Overview
- Types and Effects of Inflation
- Global Trade, Global Markets & Macroeconomics
- International Trade Treaties & Regulations
- Fundamentals of Geography
- Geography and Farming
- Geography & the Global Economy
- Political Geography Overview
- Settlement Patterns Overview
- World Population
- Human and Cultural Migration