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Each decision is basically multiple decisions in one. An agent needs to recignize the need and see if the cost is justified enough to satisfy the need. For example, I need to buy a new grill in order to cook more delicious hamburgers for my family. The gill costs $900 and would consume three months if "spending money". The choices would be first am I willing to spend the $900 in order to enjoy delicious burgers? Secondly, is the three months of doing no family activities worth sacrificing to purchase the grill. Finally, If I wanted to work overtime to pay for it and sacrifice the family activities, would
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  • Winter '15
  • Carmen
  • Economics, Debut albums, Economics terminology, Sacrifice

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Christopher Reinemann
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