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1.1: What is Economics?
Opening the book…
The subject of economics can intimidate some people. Some treat economics like a language they should know but have not had the time to become fluent. This so-called inarticulateness, in most cases, is only an illusion. Everyone has more experience and expertise in economics than they think.
The main reason people cannot hear their inner economic voice is mainly due to a misunderstanding. There tends to be a misunderstanding regarding the simple principle at the core of economics.
Are you ready for it?
Here it is.
ECONOMICS IS THE STUDY OF CHOICE!
That’s all there is. So, if you make choices then you have some experience with economics. This principle says something about the importance of economics. It is everywhere and practiced by everyone.
Choices are made every day by billions of people. Some are made easily, and some are excruciatingly difficult. Be it easy or hard, most people do their best to avoid making choices. And there is a very simple reason for this. All choices must cost something. THERE ARE NO FREE CHOICES!