Economics Unit 1. Why do you need to study economics?. Economic Reasoning Principle #1 People choose, and individual choices are the source of social outcomes. Scarcity necessitates choices: not all of our desires can be satisfied. [Factors of Production]
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Why do you need to study economics?
a cost is incurred
"What is YOUR solution?“
"There are no solutions," I said. "There are only trade-offs.“
"The people DEMAND solutions!" she shot back angrily.
The people can demand square circles if they want. But that doesn't mean that they will get them.
There are no SOLUTIONS.
There are just TRADE-OFFS.