lectur8-page4 - our traditional belief system in general....

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OPPORTUNITY COST Choices that are made in real life are constrained not only by scarcity but also by political, legal, traditional, ethical and moral forces. Before we can continue, we must realize that “life” is just not about economic costs and benefits. Life, and people, are much more complicated and complex. The choices that we make in “real life” not only have to deal with the scarcity of resources, but those choices must also be made within the context of the law, “who we are” and “what we believe in.” So, our choices are also constrained by legal concerns, political concerns, ethical and moral forces, and
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Unformatted text preview: our traditional belief system in general. These are the elements that help mold and shape our personalities, our inner selves, what and who we are as individuals. These characteristics of our “being” are non-economic in nature. So, there are also numerous non-economic forces at work that mold and determine the choices that we make in our lives. These are also the elements that can make some choices gut wrenchingly tough to make. We must consider these elements because they have value, special value, value that only you can determine. Only you....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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