Making Economic Choices

Consider a time when you needed to make a decision between your needs and your wants. This could be a personal economic decision. Think about what you had to give up if you decided to get what you wanted instead of what you needed. Now, consider business decision making and the need balancing that is involved in it. In this discussion:

• Share the personal economic decision and its consequences.
• List some approaches that a business may use to help balance the needs of the customer, the suppliers, and the company shareholders. Hint: Just like you balance needs and wants in your personal life, businesses make these decisions every day.
• Provide three business decisions that impact each stakeholder-the customer, the suppliers, and the company shareholders.