Final answer:
When deciding on purchases, one should not make impulse buys without research but instead evaluate product reviews, consider the budget, and prioritize needs over wants, especially given the often imperfect information on products and services.
Step-by-step explanation:
When deciding what to buy, you should not impulse buy without research. Every purchase should consider the buyer's budget and needs over wants. Additionally, it is wise to evaluate product reviews to make an informed decision, especially when dealing with imperfect information regarding products and services. For example, the degree of imperfect information can be relatively high when purchasing a used laptop from a garage sale or ordering flowers over the internet for a friend in a different city, compared to buying apples at a roadside stand or dinner at a local restaurant where the quality and value can be more easily assessed.
Overall, making mindful choices involves being self-aware, critically analyzing information available, and not relying solely on gut reactions or intuitions. This approach minimizes the risk of buyer's remorse and ensures greater satisfaction with purchases.