Transcript Personal Decision Making

Personal Decision
Making
Objectives:
Demonstrate knowledge of opportunity costs.
Demonstrate knowledge of tradeoffs.
Demonstrate knowledge of systematic approach
to decision making.
Key Terms
•
Impulse- decision-making strategy in which you
go with your first reaction.
•
Escape- decision-making strategy in which you
avoid a decision or make up and answer to
deflect injury.
•
Procrastination- decision-making strategy in
which you delay making the decision until
someone else makes the decision or until options
disappear; deciding by default.
Key Terms
•
Compliance- decision-making strategy in which
you hand over control or let someone else decide.
•
Agony- decision-making strategy in which you
consider every detail of every option over and
over again.
•
Play It Safe- decision-making strategy in which
you choose the alternative with the lowest level of
risk.
Key Terms:
Opportunity Cost- by choosing one option you
are giving up another.
Trade-offs- what you give up when you choose
one alternative over another.
Instant Gratification- an unwillingness to give up
something now in return for something later.
Delayed Gratification- a willingness to give up
something now in return for something later.
Don’t Eat the
Marshmallow!
Let’s watch this six minute video showing how
decisions can be difficult even when you are
young! Look for opportunity cost, tradeoffs,
instant gratification, and delayed gratification.
http://www.ted.com/talks/joachim_de_posada
_says_don_t_eat_the_marshmallow_yet.html
Don’t Eat the
Marshmallow!
What was the opportunity cost?
What was the trade-off?
Who had instant gratification?
Who had delayed gratification?
Discussion
Who can tell me what are some obstacles that
people face when making decisions? Have you
ever had to make a hard decision?
Opportunity Cost
When your alarm went off this morning or your
parent came in to wake you up, what choice did
you face this morning?
Brainstorm Activity
Let’s make a list of things you could do on a
Friday night. Write them on your paper and I will
write some on the board. Now choose only one
activity to do. What is your tradeoff and what is
your opportunity cost?
TradeoffOpportunity Cost-
Decision Making Process
1. Define the problem.
2. Brainstorm possible alternatives:
a. Develop alternatives.
b. Evaluate alternatives.
3. Propose and defend a solution.
Scenario #1
You are a freshman and an only child whose
parents have demanding careers and little time
to spend at home. You are left home alone a lot
and have friends over for parties all the time. The
parties can sometimes get out of hand, but so far
you have not been caught. Recently, your friends
have challenged you to take them for a ride in
your parent’s car but you don’t have your license
yet. However, you’d like to do it.
Scenario #2
Your friends are bullying someone at school. You
used to be friends with the person that is being
bullied. You want to stand up to your friends
because you feel bad, but you realized that they
will probably not take it very well.
Scenario #3
You have a job that you have been working very
hard at because you are saving up to buy a car.
Your best friend approaches you and asks if you
would like to go away with his/her family over
summer vacation. You want to go, however your
parents tell you that you would have to pay for
our own airfare and spending money. This would
put a significant debt in your car savings.
Scenario #4
You have a very important Science project that is
due tomorrow and you haven’t even started yet.
You plan on spending several hours doing it
tonight when you get home after practice when
your friend suddenly ask you to go to a concert
tonight. They won tickets to your favorite band
and you want to go with them. You need to get
the project done because you have a D average in
Science right now but you really want to go to the
concert with your friend.
Scenario #5
Danielle is having trouble deciding where to go to
college. She can’t make up her mind between a
large state University, a small local private school,
and an elite college out of state.