Question

Using complete sentences, describe how to use economizing when making a decision.

Answer 1

Using economizing when making a decision means making the decision based on the lowest cost and the highest benefit. Economized decision making means giving up as little as possible while gaining as much as possible. To do this, people may employ various methods of economic thinking, including thinking at the margins, analyzing potential trade-offs, and differentiating between high cost and low cost decisions.

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Answer 2

Making decisions to solve the economizing problems:

First and the foremost include the choices that are we must limit our wants and must use limited sources. In the case of production the productive efficiency the fixed technology and fixed resources must be solved.

The marginal cost and the marginal units must be considered to produce more efficient output. So the basic steps include limiting the needs of unlimited wants and must limit the usage of resources.