Econologic Model or Rational Decision-making Model
In the rational decision-making model, it is assumed that people are economically rational
and that they are making an attempt to maximize their outcomes in all situations. It is further
based on the assumption that when faced with a problem, individuals are aware of all the
alternatives and they are also aware of the outcome of each of the alternatives. is model is
based on the classical economic theory and contends that the decision makers are completely
rational in their approach.
e model suggests the following orderly steps in the decision-makin
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