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Economics - Economics 18:50 Studyofscarcity ,...

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Economics 18:50 “Study of scarcity” there are more wants in the world then to satisfy these wants theres always going to be conflict, which leads to discrimination price is the best way to discriminate “Study of Choices” “Study of Incentives”  Fundamental Economic Theory=  price theory Fundamental Proofs: Every decision involves costs and benefits for you and for society No free lunches- Never TINSTAAFL Demand and Supply determine values Capitalism is the best way to generate happiness if it is based on morals Always self-interest Must reward “productive” individuals and penalize “unprotective/demaging/evil”  individuals Voluntary exchange benefits both individuals – win win situation revealed preference – what makes you happy Economic Liberals Want significant government action in economy  Redistribute from rich to poor Like price controls
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