Title: Explain the importance of the economic decision-making process.
Course: Opportunities in Global Trade, Advanced (12056-II) > Section: Analyzing Pricing and Payments in the International Marketing Plan

Explanation should include

- steps of the economic decision-making process
- opportunity cost
- influence of supply and demand
- domestic and international competition.

Process/Skill Questions:

- What is the basic economic problem?
- Why does every decision have an opportunity cost?
- How does scarcity affect you and your family, school, and community?
- How do companies use the decision-making process?
- How does the decision-making process help consumers?
- What influence can a country’s minimum wage or environmental regulations have on determining the price of a product?
- What effect does supply and demand have on the cost of an item?