Posted: March 28th, 2017

Briefly explain the principles of individual decision making.

Briefly explain the principles of individual decision making. o Provide an example of a decision in which you compared the marginal benefits and the marginal costs associated with that decision. o What were the marginal benefits and marginal costs associated with that decision? o What incentives could have led you to make a different decision? o Explain how the principles of economics relate to decision making, interaction, and the workings of the economy as a whole. o Briefly describe the main attributes of the following economic systems: market economy, centrally planned economy, and mixed economy. o Explain how economic interactions are affected by the type of economic system present.