Answer:
Economic decision-making
Explanation:
Economic decision-making is the process followed by firms and households apply in deciding which needs to satisfy first. Whereas the needs and wants are limitless, the resources required to satisfy them are limited. Therefore, each individual or business has to consider its available resources and decide which needs to prioritize.
Economic decision-making involves making sacrifices based on facts. The decision-maker has to weigh the different options available and choose the one they consider most desirable. Economic decision making is guided by logic and the available data.
