To capture, develop, or protect?

I am playing as black, I was presented with the above after I played c5, I was expecting dxc5 but instead was met with e3.  I have several options here: 1.cxd4 2. Nbd7, or the move I made 3. e6 (to me the French, the first opening as black I ever learned).  My question is this: in this position am I better to capture the d pawn (cxd4), develop the piece or connect my pawns as I did?  Tried searching online to find out if there is a maxim if you should always take the center pawn when offered but didn't find anything. 

As I see the position, if white plays dxc5 he will isolate his d pawn and release the center to me, his now c pawn would be recaptured with Nbd7.  If I play cxd4 he will recapture exd4 and the position is basically the same but his e file is now open but he still controls e5/c5.

So basically:  should you capture when you can, or is it better to develop?  As stated I played e6 and am now waiting for my opponent to play so please no advice on this game.  Like most things in chess I am sure there are numerous answers.

There's sort of a maxim, which is "it is a mistake to take." Basically it means if everything else is equal, then you shouldn't capture. Another way to say it is... unless capturing does something specifically and obviously good for you, then don't do it.

More explicitly the thinking process goes something like this:

1) Does your capture force a sequence of moves where you win material (or make some other substantial gain)? If no then ask

2) Is your opponent threatening a forcing sequence that wins something, which you can diffuse by making a capture? If no...

... then 9 out of 10 times it's better not to capture. Simply improve your position, often by building up pressure on points you're already attacking, or improving the position of your worst placed piece.

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By the way, I think pawn situations like this are a good example of the options a players has... but actually there are 4 fundamental options (you only mention 2).

1) Capture
2) Defend
3) Move the piece/pawn (without capturing, in this case that would have been the move c4)
4) Ignore it and play something completely unrelated

#4 is an important option most new players miss, and goes back to the question "is my opponent threatening something?" If they're not, then you're free to do anything you want. Don't focus on your opponent's last move so much that it blinds you to everything else on the board.

Thank you for the excellent response, I really appreciate it.  The maxim you stated is exactly what I was trying to find, I will watch the video and do more research.  I am not an opening type of player, I believe in just fighting for the center and if your move doesn't do that then most likely it is wrong, but now and then this type of situation arises which is confusing for a low player.

Thank you once again.

That video was excellent, now I know, I would have taken in all those situations.

No problem

Yeah, IMO that video deserves about 1000x more views than it has. It's easily in my top 5 best pieces of chess advice (and I've been chatting on these forums for over 10 years).

#1
Generally speaking it is better to keep the tension if you can.
In this case 4...c4 5 b3 and 4...cxd4 5 exd4 are bad. The latter trades a wing pawn for a central pawn, but unblocks the diagonal for Bc1.
Good moves are developing moves 4...e6 and 4...Nbd7. Not that good is 4...Nc6 5 Nxc6 because it spoils your pawn structure.

Thank you all for your helpful advice, truly appreciate it.