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Essay / Research Paper Abstract
This 4-page paper discusses the four principles of decision-making and how it relates to economics. Bibliography lists 2 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTdeciprin.rtf
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Unformatted sample text from the term paper:
costs, margins and incentives. Trade-offs involve an understanding of what will be "traded" when a certain decision is made. Lets say, for example,
that an individual has decided to go on a diet, but then is faced with the prospect of going out for ice cream with her friends. She can go with
her friends and have the ice cream, go with her friends and get a low-calorie drink or not go with her friends. Each of these alternatives has a trade off
(she blows her diet and feels bad about herself; shell be craving the ice cream she sees her friends eat; she wont get a chance to socialize with her friends).
This leads to the next aspect of decision-making, that of opportunity costs, which are defined as a net gain over the second-best choice
(Graber). Our dieter decides to go out with her friends and have the low-cal drink, because the opportunity costs of doing so far outweigh those provided by the other two
decisions; with this decision, the idea of seeing her friends eat ice cream is less of a cost then blowing her diet or not seeing her friends at all.
What about margins? Also understood as "marginal cost," this focuses on the amount of benefit that a person could gain with a particular decision.
In the case of our dieter, the marginal benefit is the ability to spend time with her friends. Its "marginal" because she has to weigh this benefit over the fact
shell see her friends gobble down the ice cream. As the margin between these two things narrows, decision-making can become more difficult. Finally,
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