The document discusses the key elements in decision theory, including the decision maker, courses of action or strategies, states of nature or outcomes, payoffs, and payoff tables. It defines each element and provides examples. The decision maker is the individual or group making the decision. Strategies are the available options, and outcomes are events outside the decision maker's control. Payoffs indicate the gain or loss for each combination of strategy and outcome. Payoff tables organize this information for analysis.