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Essay on Making Good Decisions

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Principles of Individual Decision-Making

Date In life, we have to make a decision just about everything that we do. These decisions affect our daily lives and they sometimes they affect the lives of those around us. When making these decisions there are make factors that go into making a final one. In economics there are four principles that effect how a person makes a decision (Mankiw, 2007): • People face trade-offs. • The cost of something is what you give up to get it.…...

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