Business : Influence Of Economics On Household Decision Making.edited

Running head: DECISION MAKING1Influence of Economics on Household Decision MakingStudents NameInstitutional AffiliationDECISION MAKING2Influence of Economics on Household Decision MakingMaking household decision is imperative in the process of taking a particular choiceespecially when an individual is carrying out a capital-intensive adventure. Goodwin and Wrightpostulate that decision making entails the action selecting a particular choice among a number ofalternative options (2014). However, selecting a choice in a myriad of choices is greatlyinfluenced by various factors, such as the economic attributes, personal interest, interest rates,prices of the substitute goods, among other attributes, for instance, in the course of purchasing acar. As a result, decision making enhances the ability of a person making the best choice ofproducts or services that would satisfy personal needs keeping in mind the numerous number ofalternative options for the product that would offer a similar satisfaction. The economic status ofa nation influences the decision made by individuals or organizational leadership in the processof making capital-intensive investments.Trends in the Real Gross Domestic Product and Personal Consumption ExpenditureAlmasifard and Saeedi define the real gross domestic product is a measure of adjustedinflation reflecting the value of items and services available in an economy in a particular year,while the real personal consumption expe ...


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