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Reasoning Behind Economic Decisions

Reasoning Behind Economic Decisions - Reasoning Behind...

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Reasoning Behind 1 Running head: REASONING BEHIND ECONOMIC DECISIONS Reasoning Behind Economic Decisions Joey D. Finley University of Phoenix
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Reasoning Behind Economic Decisions Everyone uses economics almost every day and probably more than once. These decisions are sometimes made within split seconds or an extended amount of time depending on the subsequent results. These results are what are labeled marginal benefits. Very little, if anything, is free in this world. The term used for what is traded off is called marginal cost. The marginal benefit can be higher than the marginal cost, and vice versa. ” All we see of someone at any moment is a snapshot of their life, there in riches or poverty, in joy or despair. Snapshots don't show the million decisions that led to that moment.”( Richard Bach) Four principles go into the process of individual decision making. In order to get something that is needed or wanted, something else that is liked usually has to be given up. The cost of a thing is what is given up to get the thing. Like most of us, rational people will
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