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Which Step in the Paced Decision Making Process Are You Using When You List What You Want to Accomplish

Alexander Ross • • 4 min read
Which Step in the Paced Decision Making Process Are You Using When You List What You Want to Accomplish

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Since consumers’ resources such as time, attention, and money are limited, they must choose how to best allocate them by making tradeoffs. The concept of trade-offs due to scarcity is formalized by the concept of opportunity cost. The opportunity cost of a choice is the value of the best alternative forgone.