PACED Decision Making Model | Baamboozle - Baamboozle

English 10 Public

Federal Reserve Education

Study Slideshow

What is the purpose of the PACED decision making model?

five-step process for making thoughtful, informed decisions

15

The various options available to us when making a decision.

criteria

opportunity cost

alternatives

15

The important factors we evaluate during the decision-making process

opportunity cost

criteria

alternatives

15

The next best alternative that is given up when a decision is made

criteria

opportunity cost

15

What could help you avoid making a decision you will later regret?

PACED decision making model

15

Choosing a job to apply for is an example of a decision you could use the PACED decision making model for.

False

True

15

Choosing what to eat in the morning is an example of a decision you should use the PACED decision making model for.

True

False

15

Which of the following terms is the condition that exists because there are not enough resources to produce everyone's wants?

demand

human capital

supply

scarcity

15

The process of giving up a little of something to gain a little of something else is called a

trade off

supply

scarcity

demand

15

Giving up a little of something to gain a little of something else.

supply

trade off

scarcity

opportunity cost

15