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Explain the role that is played by the three decision makers in the economy
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- How do economists address the 3 central questions that economists ask to better understand decision makers’ of higher education behaviors on : Who is the decision maker? What goal is the decision maker trying to achieve? What are the decision maker’s constraints?In a culture where we are bombarded with other people trying to define us, how do we make decisions for ourselves? Make close references to Macbeth by William ShakespeareIdentify and define the two branches of economics.
- Explain why and also explain when other three options would be right ?Describe two decision-making traps identified in Chapter 11 of your text that affected important choices you have made in your lifeDefine fairness and give examples of how it affects behavior in the economy and in the dictator and ultimatum games.
- Explain what does the author refers to when he says "People Face Trade-offs" - Try to do it in your own words, with your own understanding.Why are individuals, businesses , and countries force to weigh the benefits and costs of their decisionsPlease provide an explanation as to why each choices is either correct or wrong.