Economic Decision-Making Free Essay, Term Paper and Book Report
Making economic decisions is not as easy as it sounds. Decisions require rational thought. To every economic decision, a cost has to be considered and a benefit to be compared. At times, a necessary trade-off for the economic decision is required. The comparison of costs and benefits are not as obvious or as black and white and therefore, need to have help from the four principles of decision making.
The first principle is summed up as a one liner: To have one thing, one has to give up something (Mankiw, 2007). This is considered a trade-off; a goal that is swapped for another. Although a trade-off is very common in everyday economic decisions, it isn't always as easy especially when it comes to the cost. Maybe a trade-off doesn't seem economically rational but once thought out, the decision makes sense and the trade-off is worth it. This concept is the second principle: the cost of something is what is given up to get it (Mankiw, 2007). The third principle involves knowing the cost. The decision may have a positive impact with benefits being the plus or a negative impact with con......
Word Count: 537
Page Count: 2.1 (250 words a page / double spaced)
View This Essay Now $19.99 (or $12.99 for membership)
|
What is Your Time Worth?
Get INSTANT UNLIMITED ACCESS to this paper
and 15,000 other essays and term papers!
|
|
Search for other Economic Decision-Making essays, term papers and book reports.
Other Free Essays, Term Papers and Book Reports:
We have the best book reports, essays and term papers on Economic Decision-Making. For the cost of a pizza and some beer let us help you make your job of writing your paper easier. It's that simple.
|
|
Dear Free Essays:
Thanks for helping me with my term paper!
With so many essays and term papers on your service, I got a few ideas from mixing and matching and managed to write a great paper in 1/10 the time. My teacher thought so too because I got an A grade. Thank you so much!
Julia B.
Denver, Colorado
|
I'm very pleased with the quality of your term papers and essays. For all the time and worrying your service saved me from, it was well worth the $12.99.
Brandon W.
Columbus, Ohio
|
I totally waited to the last minute to work on my term paper and really started to freak. But your site totally came to my rescue and helped me out of a bind. I scored an 94 and was very pleased. Thank you!
Greg F.
UC San Diego
|
|
PRIVACY
|
TERMS & CONDITIONS
|
MEMBER LOGIN
|
CUSTOMER SUPPORT
