As individuals we are obligated to make decisions every day. Whether the decision we make is good or bad worthy or unworthy the choice we decide is what matters most. If an individual is offered a pay raise but will need to relocate in order to accept it this is a compromising decision that is not easy to resolve. I will be explaining the principles of individual decision making, provide an example and compare and explain the marginal benefits and cost associated with the decision.
I will also explain the decision that led me to make a different decision. Principles of Decision Making As individuals we are faced with making decisions that we sometimes have to compromise in difficult situations. Choosing a situation that you are not sure that is best for you is when maximizing and optimizing takes place. To decide what is best for the individual, one must look at the situation at hand see what different options they have and what opportunity works best for them for the long term.
A decision I made in which I compared the marginal benefits and cost associated with the decision I made occurred when I decided to pursue my dream as a licensed cosmetologist working in a salon, going back to school to earn a degree in business management to own my own salon. I would have to quit my part time job working as a teller in order to do this. Marginal Benefits and Marginal Cost The marginal benefits associated with pursuing my dream working in a salon, by leaving the bank working as a cosmetologist and going back to school