The Economic Way of Thinking

  • Economizing is a mode of experiencing the world.
  • It is the world seen in terms of scarce means that may be employed to achieve one's chosen ends.
  • Every one of us economizes; the subject of economics is us, and to an extent we know the subject already!
  • The scientific study of economics is the attempt to make our implicit knowledge of economizing explicit and conceptually precise.
  • To achieve the above, economists have developed concepts such as scarcity, opportunity cost, exchange, demand, supply, profit and loss.

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