How People Make Economic Decisions

How People Make Economic Decisions - How People Make...

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How People Make Economic Decisions G. Francis T How People Make Economic Decisions People select different alternatives in order to achieve their objectives. They choose one way or another because of scarce resources. This means that individuals may have lots of wants or needs, but they are limited by the available resources; be them money, time or several other. In this paper I will list three economic ideas associated to individual choices, present two cases of decision-making in which I shall compare the marginal benefits and the marginal costs related with the decision, show what incentives could guide to take a different path, and explain how the principles of economics affect decision-making, interaction, and the gear of the economy as an overall. Individual Decisions R. Glenn Hubbard and Anthony Patrick O’Brien (2010) teaches that “economics is the study of the choices consumers, business managers, and government officials make to attain their goals, given their scarce resources” (pg.4, para 3). Previous citation can translate as: I have only an hour time
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How People Make Economic Decisions - How People Make...

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