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, September 27, 2011
Opportunity Costs and Sacrifice (not scarcity)
Why would an individual pledge his life to defend an abstract principle? What are the trade-offs faced by the individual? These are as much economic decisions as any other decision. Money is not economics. Decisions are.
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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?
Why would an individual pledge his life to defend an abstract principle? What are the trade-offs faced by the individual? These are as much economic decisions as any other decision. Money is not economics. Decisions are.
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?