Making decisions to solve the economizing problems:
First and the foremost include the choices that are we must limit our wants and must use limited sources. In the case of production the productive efficiency the fixed technology and fixed resources must be solved.
The marginal cost and the marginal units must be considered to produce more efficient output. So the basic steps include limiting the needs of unlimited wants and must limit the usage of resources.
Using economizing when making a decision means making the decision based on the lowest cost and the highest benefit. Economized decision making means giving up as little as possible while gaining as much as possible. To do this, people may employ various methods of economic thinking, including thinking at the margins, analyzing potential trade-offs, and differentiating between high cost and low cost decisions.
As the responsibility of the board of the governs is to guide the monetary policy and action and analyze the domestic and the economic and the financial conditions.
Which can lead the communities to study the current issues as consumer banking laws and electronic commerce. The federal reserve board is the main governing body that helps in the monetary policy of the united states.
