Describe the steps for making a purchase decision.

Description should include the following steps and the use of mathematical skills and a decision-making model (e.g., PACED), as appropriate:

• Using comparative shopping
• Weighing the pros and cons of sales incentives, guarantees, warranties, and rebates
• Understanding sales terminology
• Planning purchases
• Computing unit prices
• Reading contracts
• Computing total costs
• Researching business practices and consumer reviews to make informed purchasing decisions
• Examining the roles of marginal benefit and marginal cost