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Even if we do not realize it, we all make decisions based on our marginal
evaluations of the alternatives. In other words, what does it cost to produce one more unit? or
what will be the benefit of acquiring one more unit? Decisions are made by everyone involved
and a person's decision making process depends on a significant degree on their cognitive style.
Each decision we make has risks associated with it. Because of these risks, making
decisions is often very difficult. As you make decisions, keep in mind four basic principles.
According to N Gregory Mankiw Principles of economics (2007), it states that the four
principles of economic decision making are: (1) people face trade-offs; (2) the cost of something
is what you give up to get it; (3) rational people think at the margin; and (4) people respond to
incentives...
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