Final answer:
The decision-making process where the first minimally acceptable option is chosen is called satisficing, often observed in voting and policy decisions. It contrasts with extensive option comparison and can lead to voting cycles or policy gridlock.
Step-by-step explanation:
The type of decision-making in which an individual or group selects the first option that meets some minimally acceptable standards is known as satisficing. This approach contrasts with one where all available options are thoroughly compared in an effort to find the best outcome. In the context of voting and policy decisions, this method can sometimes lead to a voting cycle, where no clear majority preference emerges and the outcome depends on the order of options presented. Moreover, the presence of policy gridlock can often lead to a state of inaction by decision-makers, where critical issues are ignored due to their controversial nature. In such scenarios, 'non-decisions' can by default become a form of public policy.