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Agents need to make choices in the process that allow them to deem the process worthwhile. In chapter 1 the principles speaks to this quite well. Principles 1 – 3 are especially important, as there are trade-offs that we are faced with in making decisions, there is a cost to something from the final decision that’s made, and there has to be a reasonable rational in making decisions that make sense in the final analysis. Some factors that can weigh in on our decisions are need, requirement, and being beneficial to the person, people or businesses involved.
Agents follow economic principles in decision making process. Economic Principles for Decision Making used to be a business primarily focused on the technical increase profits and reduce debt but can also impact mine life.aspects of getting valuable ore out of the ground and extracting Understanding these issues requires economic tools to assess the minerals in a metal lurgically efficient way. Without deny- the time value of money in the importance of these skills, a narrow focus on technical issues is no longer sufficient to guarantee success, even in rich MINING ECONOMICS AND STRATEGY are bodies. Skill in economics is an essential partner to tech- Most approaches to economics assume that one person ironical skill in every step of the mining process. The economic one company’s actions do not affect the whole market.
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