ECO 212 Week 1 IA How People Make Economic Decisions Paper

Apr 16th, 2015
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Running Head: HOW PEOPLE MAKE ECONOMIC DECISIONSHow People Make Economic DecisionsNameUniversity of Phoenix How People Make Economic DecisionsIntroduction This paper will focus on the role of economics on decision-making. It will further explore how every individual applies both consciously and unconsciously the economic principles as they make decisions in their practical life. To further strengthen the concept presented, the paper will also include examples of decisions that are based on marginal benefits and marginal cost. Incentives are also seen as a powerful influence on the decisions of the people. Finally, the paper will establish the relationship between the simple decisions of the people to the condition of the economic systems and the worldwide economy in general. Individual Decision Making PrinciplesThere are various economic principles that can aptly be applied to how a person makes a decision. First principle deals with the risks involved in every decision. This principles assume that an individual would only make a decision if there is a reassurance that the risks involved are manageable. Basically, every person has limitations, and it would be highly impractical to make decision without knowing if he or she can face the consequences. Next principle is about matching the resources with the risks that will be taken. Relevant to principle one, a person should first consider what resources are available, and assess whether it is enough t

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