20. Personal Decision Making. 20.1 Making Better Decisions 20.2 Spending Habits. Lesson 20.1 Making Better Decisions. GOALS Apply the decision-making process to solve consumer problems. Explain economic needs and wants that influence consumer decision making. Chapter 20.
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Questions to ask before making a purchase:
1. Why do I want this product?
2. How long will this product last?
3. What substitutes are available and at what cost?
4. By postponing this purchase, is it likely that I will choose not to buy it later?
5. What types of additional costs are involved, such as supplies, maintenance, insurance, and financial risks?
6. What is the opportunity cost of this purchase?
7. What is the total cost of this product?