Answer the following questions based on what you have learned about rational decision-making.
Give an example of an expensive product you would like to buy. How can you justify the purchase? How should you prepare financially once you have decided to make the purchase?
What aspects of your decision-making process fit the description of a rational choice? Did you consider costs and benefits? Did you pay attention to both monetary and non-monetary factors? Did you consider opportunity costs? Explain.
What information did you have to help make this a well-informed decision? Was there some information that is important to have before making the purchase?
Are there any parts of your decision-making process that were not rational? If so, describe one irrational element in your decision-making process. If not, describe an irrational economic decision that you might have made.