Briefly explain the principles of individual decision making. Provide an example of a decision in which you compared the marginal benefits and the marginal costs associated with that decision.

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Briefly explain the principles of individual decision making. Provide an example of a decision in which you compared the marginal benefits and the marginal costs associated with that decision. What were the marginal benefits and marginal costs associated with that decision? What incentives could have led you to make a different decision? Explain how the principles of economics relate to decision making, interaction, and the workings of the economy as a whole. Briefly describe the main attributes of the following economic systems: market economy, centrally planned economy, and mixed economy. Explain how economic interactions are affected by the type of economic system present.

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