Decision-Making and Values in Personal Choices Quiz

Values are personal principles or standards that guide decision-making.

A common decision-making method involves using a decision matrix.

Opportunity cost describes the loss of potential gain when one alternative is chosen over others.

A heuristic is a mental shortcut facilitating quick and efficient problem-solving and judgment in decision-making.

Confirmation bias is the tendency to prefer information confirming pre-existing beliefs or hypotheses in decision-making.

Understanding values aids in aligning decisions with personal beliefs and goals.

Utilitarianism aims to maximize overall happiness and minimize suffering.

Emotional intelligence enables understanding and managing emotions for better decision-making.

Alignment in personal values means ensuring decisions match individual values and beliefs.

The availability heuristic bias involves overvaluing readily available information in decision-making.

Satisficing in decision-making involves choosing a 'good enough' option rather than pursuing the optimal choice.

Decisions are suboptimal due to cognitive limitations and limited access to information, as per bounded rationality.

Moral licensing is the process where a 'good' decision may lead to later 'bad' decisions without the same moral scrutiny.

Value pluralism suggests that multiple values may be equally fundamental but may conflict with each other.

Prospect theory in economics explains how individuals make choices involving risk and uncertainty.

Utilitarianism's primary criticism is its potential to overlook minority rights in favor of the majority.

Ethical relativism posits that the ethicality of an action depends on the social norms of a specific society.