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Ryyrel

Economics

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Why do economic agents need to make choices in the decision making process? What are the factors that force us to make choices among the viable alternatives at our disposal during a given period of time? Give an example

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The economic agents make choices in decision making process to in order to know  economic issues that involve the overall economic performance of the nation, rather than that of particular individuals or firms.

factors that forces us make choices  include past experiences, a variety of cognitive biases, an escalation of commitment and sunk outcomes, individual differences, which include  age and socioeconomic status, and a belief in personal relevance

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