Discussion Questions:

1.You have decided that now is the time to buy a new laptop. List the factors that are important in choosing a new laptop and gather relevant information from various sources about different models on the market. Given that you have a maximum of $1600 to spend, identify which model you will buy and discuss the reasons for your choice. Present your answer so as to illustrate the steps required in the decision-making process as discussed in this chapter.

2."Accounting is all about numbers." Evaluate.

3.Luci and Sherry have decided to lease some newly built premises for the purpose of opening a seafood outlet. They intend to provide a wide range of different products, including a variety of seafood for sale and take-away fish and chips.

Discuss the types of economic decisions that they will be required to make, and the information that they will need to make those decisions. Distinguish non-economic and economic information, identify non-economic decisions that they will also be required to make. Discuss why Luci and Sherry may require the services of an accountant.