Final answer:
In the decision-making process, the term 'satisficing' describes choosing an option that meets minimum requirements instead of looking for the optimal solution, often because of high decision-making costs. This can happen when detailed cost/benefit analysis is too time-consuming, prompting a decision that is 'good enough.'
Step-by-step explanation:
In the decision-making process, the term satisficing refers to choosing the first option that is minimally acceptable or adequate. When decision-makers take this approach, they are not seeking the optimal solution, but rather a sufficient one that meets basic criteria. This strategy can be employed when the costs, such as time and effort involved in the decision-making, become too high. Instead of pursuing a detailed cost/benefit analysis and weighing marginal costs against marginal benefits, the decision-maker opts for a solution that is 'good enough.'
Typically, the step-by-step process in seeking out the utility-maximizing combination of choices involves looking at the tradeoffs, measured in terms of marginal utility, of consuming less of one good and more of another. If this process becomes too cumbersome or impractical, satisficing becomes a viable alternative, especially when it's critical to make a timely decision to prevent the decision-making process from breaking down and maintaining the status quo.