What economic principles guide the choices that you make?

Different economic principles usually guide the choices that people make. For instance, the tradeoffs, the process of making a decision has to pass through various steps before choosing exactly what you want.

For example, one person goes to purchase a specific item; one has to consider the value price of the thing that is to be bought and that which should be ignored.

This means that it is essential to fulfilling the needs before meeting the undesired. Therefore, the cost is a crucial principle when making an economic decision.