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
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
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