Title: Explain the importance of the economic decision-making process.
Course: Opportunities in Global Trade (12056-I) > Section: Exploring the Realities and Fluctuations of the Global Economy

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?
- What is the goal of economic decision-making?
- 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?
- How can the U.S. compete with companies who conduct business in countries with no minimum wage? With little or no environmental regulations?