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.
Tuesday, March 29, 2011
NO BLOOD FOR OIL!!!!! Unless it's Obama....
Hmmm...hard to argue our actions are not 'blood for oil' again...but this time, it is European oil concerns. Guess THAT'S OK with the 'watch dog' media this time. Can't forget that the US was late to the fracas, and guess who was FIRST? Yup. France. Even though it was an Italian colony...
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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?