9.1 Short-Term and Long-Term Decisions
What is the difference between a short-term decision and a long-term decision? The obvious answer is the time frame that the decision affects.
As an illustration of a short-term decision, you will decide today what to eat for your next meal. This decision may involve a set of choices with varying costs. The choice affects you for only a short period of time, and the difference in cost of the different menu options is relatively small. In addition, you will face the same decision again in a few hours and can make a different choice for the next meal selection.
Then there are long-term decisions. Recall for a moment your decision concerning which college to attend. This decision affects you for a number of ...
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