Scarcity, Opportunity Cost and Competition impact our decision-making moment to moment. This makes economics the basis of life as we know it, after God. Nothing that people value is free, someone pays the cost. To gain that thing of value, scarce resources are given up and cannot be given up again for a different thing of value. And we all are competing to capture those scarce resources.
Friday, April 10, 2009
Isaiah 53:5 (NIV)
5 But he was pierced for our transgressions, he was crushed for our iniquities; the punishment that brought us peace was upon him, and by his wounds we are healed.
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Share your unique economics experiences. What did you have to give up to gain that which at the moment seemed so necessary to you? Imperfect information spanked you and now diminishing marginal utility smacks you upside the head, eh?
Isaiah 53:5 (NIV)
5 But he was pierced for our transgressions, he was crushed for our iniquities; the punishment that brought us peace was upon him, and by his wounds we are healed.
No comments:
Post a Comment
Share your unique economics experiences. What did you have to give up to gain that which at the moment seemed so necessary to you? Imperfect information spanked you and now diminishing marginal utility smacks you upside the head, eh?