This lesson introduces students with an opportunity to learn more about decision-making.
- Identify decisions.
- Identify the steps in the decision-making process.
- Identify and explain factors that can affect the decision-making process, and give examples of decisions that have been influenced by one or more of these factors.
- Identify and explain frequently used decision-making strategies, and give examples of when these strategies have been used.
- Analyze influences of economic conditions on personal and financial decisions.
- Identify risks and opportunity costs associated with personal and financial decisions.
- Practice making decisions using a decision-making diagram.
Suggested Grade Level
7th Grade – 12th Grade
Each day, we are faced with many decisions. While most decisions are simple, such as “what should I wear?” or “what should I eat?,” others are more complex, such as “should I buy a new or used car?”
As decision-making skills are used and improved, a person’s quality of life is enhanced. Wiser choices result in better use of time, money, and other resources.
This introductory lesson provides students with an opportunity to learn more about decision-making. The lesson starts with an overview of the decision-making process followed by a discussion of various internal and external factors that affect decisions.
People are usually not aware of economic influences that can affect decision-making. These economic factors include inflation, interest rates, and the unemployment rate. Also, common risks associated with decision-making are often not considered. Students should also be aware of opportunity cost—what a person gives up when a decision is made.
Finally, the lesson concludes with strategies for analyzing the results of decision-making. Students are encouraged to consider their experiences in an effort to improve the quality of future decisions.