A-level Business Studies Lesson 08 (3.2.2)

Question 1

Scientific decision making

Answer 1

A logical and research-based approach to decision making

Question 2

Intuition

Answer 2

The ability to understand something without the need for conscious reasoning; similar to ‘hunch’; a gut feeling based on personal views and experience.

Question 3

Opportunity cost

Answer 3

The “real cost” of taking a particular course of action. The cost in terms of forgoing the next best alternative - i.e. the next best thing that you could have chosen but did not.