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Rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs?
Rational Decision making occurs when marginal benefits of an action exceed the marginal costs
What pair of words best describes the purpose of using cost benefit analysis?
To make decisions that maximize benefits. Rational and Subjective. Objective and systematic pleasure (benefit) and pain (cost) calculating and coherent Rational and structured =making a list of costs and benefits
What is an economic perspective?
Economic perspective is a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions.
What are the benefits of decisions making?
Rational decisions usually lead to positive or desirable outcomes. An irrational decision may lead to a bad outcome. For example if I want to visit Australia, I could book an airline ticket...or swim! One of these choices is rational the other not so much.
How do rational numbers equal rational decisions?
They do not. There is no relationship between rational numbers and rational decisions.
When problem solving and making decisions where is your rational thought being centered?
Rational thinking stems from your pre-frontal cortex.
What are the strengths and weeknesses of behavioral and logical decsion making styles?
The strengths of logical decision making styles are using rational thoughts and actions to make the decisions. The weakness of logical decision making is that the behavioral aspect is not incorporated into the decisions. The strength of behavioral decision making is the fact that decisions are based off of actions and behavior rather than 100 percent rational. The weakness to the behavioral decision making style is that logic and rational are needed in most all decisions made for certainty.
A decision-making method that compares costs and benefits?
rational choice
What is the central focus of economic perspective?
Economic perspective: a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions
What is the definition of rational decisions and irrational decisions?
Rational decisions are thought out with common sense, irrational are not.
When your problem solving and making decisions your rational thought is centered in your?
prefrontal cortex -APEX
What can you do to make them stop bad decisions?
If you have a rational, logical argument and they are rational, logical people, than you probably have a chance at bringing them back from making bad decisions. But it's only your opinion that it's a bad decision, after all.
