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JSS2: BUSINESS STUDIES – 2ND TERM

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  1. Bank Services | Week 1
    8 Topics
    |
    1 Quiz
  2. Insurance | Week 2
    6 Topics
    |
    1 Quiz
  3. Personal Qualities of an Entrepreneur | Week 3
    1 Topic
    |
    1 Quiz
  4. Business Opportunities | Week 4
    2 Topics
    |
    1 Quiz
  5. Consumer Rights and Responsibilities | Week 5
    2 Topics
    |
    1 Quiz
  6. Shopping Tips | Week 6
    4 Topics
    |
    1 Quiz
  7. Bookkeeping Ethics I | Week 7
    2 Topics
  8. Bookkeeping Ethics II | Week 8
    2 Topics
    |
    1 Quiz
  9. Ledger Entries | Week 9
    3 Topics
    |
    1 Quiz
  10. Petty Cash Book | Week 10
    5 Topics
    |
    1 Quiz



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Lesson 6, Topic 2
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How to make Decision about Needs and Wants

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Making a decision involves choosing between alternatives because the individual or business cannot meet or afford to pay for all their wants at a given time, because of the scarcity of resources. Simple steps on how to make a decision are listed below.

1. Identify your wants and list them out.

2. What resources do you have at your disposal?

3. Prepare your scale from the most pressing one to the least pressing.

4. Determine your forgone alternatives.

5. What is your opportunity cost?

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