Key Points day 3

• In this world of scarcity, trade-offs are essential
• To economize is to weigh the benefits and costs of decisions, a rational thought process
• All values and costs are subjective
• Economics is about prudence and temperance as well
• Economics is the study of the emergence of order and wealth creation and the consequences of choices made in order to ascertain the progression of mankind's society
• Microeconomics studies unforeseen consequences of decisions for everyone
• Macroeconomics studies with consequences of decisions in the long-term scale such as if the government banned the sale of kidneys, incentive to sell them would fall rapidly