Multiple Choice
Attending college is a case where the ________________ exceeds the monetary cost.
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0. Basic Principles of Economics
Scarcity and Choice
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Which of the following is typically considered the first step in the economic decision-making process?
A
Identifying the problem or need
B
Implementing the chosen solution
C
Evaluating alternative choices
D
Considering available resources
Verified step by step guidance1
Understand that the economic decision-making process involves a sequence of steps to make rational choices under scarcity.
Recognize that the very first step is to clearly identify the problem or need that requires a decision, as this sets the direction for all subsequent analysis.
After identifying the problem, the next steps typically involve evaluating alternative choices and considering available resources to address the problem.
Once alternatives are evaluated, a choice is made and then implemented as the chosen solution.
Finally, the outcomes of the decision are evaluated to learn and improve future decision-making.
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