Financial Decision Making - review

Front

The value of the next best alternative when a decision is made.

Back

opportunity cost

Front

Scarcity exists because

Back

there aren't enough resources to produce everyone's wants

Front

You can earn a higher wage rate by

Back

building skills that are scarce in the labor market

Front

What are the steps in the PACED decision-making model?

Back

define the problem, list alternatives, choose your criteria, evaluate alternatives, and make a decision

Front

What was your opportunity cost if you chose to go bowling instead of playing football or watching TV?

Back

football

Front

Scarcity is the fundamental problem that all people in all economic systems face.

Back

True

Front

Because of scarcity, we must all make choices.

Back

True

Front

What would not be an opportunity cost of spending your weekend sleeping?

Back

getting plenty of sleep

Front

This is an example of a human capital?

Back

good communication skills

Front

Using the PACED decision-making model, which alternative will not be a reasonable solution to the problem of where to eat dinner? Options: Panera, Popeye's, Sonic, Shoe Carnival

Back

Shoe Carnival