(i) Multiple goals
(ii) Single goal
(iii) Multiple values
(iv) Scarce resources
code :
Family Economic Decisions Explained
Economic decisions within a family context fundamentally revolve around achieving objectives given limitations. Key elements include:
- (i) Multiple Goals: Families typically pursue various aims simultaneously, such as saving for education, buying a home, or planning for retirement. These multiple goals require careful economic planning and prioritization.
- (iv) Scarce Resources: Household resources like income, time, and assets are limited. The core challenge in economic decision-making is allocating these scarce resources efficiently to satisfy competing needs and wants related to the multiple goals.
Therefore, family economic decisions directly deal with balancing multiple goals within the constraint of scarce resources. This combination represents the fundamental economic problem faced by households.
While a family might focus on a single goal at times, or be influenced by various values, the core economic decision-making process inherently involves managing multiple objectives under conditions of scarcity.
Important Questions from Decision Making
Which of the following common difficulties are faced in making decisions and implementing?
(A) Non-actionable information
(B) Unsupporting environment
(C) Easy acceptance by subordinates
(D) Ineffective communication
(E) Incorrect timing
Choose the correct answer from the options given below
Match List - I with List - II.
List - I
Decision Rule
List - II
Rationale for applying the decision Rule to Down App.
(A)
Conjunctive
I)
"I bought the Smartphone App with the highest over all railing".
(B)
Disjunctive
(II)
"I down loaded the Smartphone App that had the most downloads".
(C)
Affect Referred
(III)
"I selected the Smart Phone App that had no bad features".
(D)
Majority vote
(IV)
"I picked the Smart Phone App that excelled in at least one attribute ".
Choose the correct answer from the options given below:
- Who pioneered the concept of "Fight or Flight situation" as stress survival trait ?
- Match List – I with List – II and indicate your answer by using the codes given below :
List - I
(Concept)List - II
(Description)p. Heuristics 1. Judgements made on the basis of specific kind of information that can be brought to mind. q. Representative Heuristics 2. Tendency to use a number of value as a starting point to whom one adopts. r. Availability Heuristics 3. Simple rules for drawing inferences in a rapid and effortless manner. s. Anchoring and Adjustment Heuristics 4. Judgements made on the basis of resemblance of current stimuli to other stimuli.
Codes: - Arrange in correct sequence the steps involved in decision-making :
I. Selecting the best alternative
II. Identifying the problem
III. Searching alternative solutions
IV. Thinking through alternatives
V. Feedback
