Question

What is characteristics if decision making in economics?

Answer 1

The characteristics of decision making in a well‐functioning economy. Abstract: Discusses the concept of a well‐functioning economy and attempts to define its principal properties. Examines some aspects of rules of decision making that are essential for the generation of optimal decisions.

Answer 2

Explanation:

Following are the characteristics of decision-making:

Decision-making is based on rational thinking. The manager tries to foresee various possible effects of a decision before deciding a particular one. 2. It is a process of selecting the best from among alternatives available.