The four principles applied in decision making within economics were posited by Gregory Makiw to explain the motivations behind decision-making. These principles try to explain the action and process of decision-making and how and why individuals make certain decisions (Mankiw, 2008). The first principle is based on the concept of trade-offs. This principle states a consumer always prioritizes whatever is of utmost importance, because of the limited resources available. Therefore, the consumer always chooses to spend on what is necessary and needed before they can spend on un-necessary things.
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