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, July 5, 2011
Red State, Blue State, Great State, Bad State...of economic activity.
I am from and live in Michigan. After ten years of smashing, bashing and under-cutting the business community by our lovely state and national gov'ts, I'm frankly amazed it isn't worse. Then again, it could have sky-rocketed from it's doldrums with the recent actions of the Republican lead legislature, and the "One tough nerd" Republican governor. Long story short, the poor cannot be helped if there aren't any rich or middle class to tax. (Such an uplifting viewpoint!) http://www.cnbc.com/id/41666602/
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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?