CAREFUL! Scarcity isn't limits or lack of abundance, it's all related to demand. We economize when we react to scarcity. Two reactions: expected benefits and expected costs.
Problem with economics is, it's alllll subjective. What I want and put value to stuff might not be the same as what you want or value.
How people work together in a market place is prudence, but the study of property(?) and justice, including man's relationship to other man in society is temperance.
OK ok, I admit, I peeked at my notes for this stuff, but I wanted to remember the key words. Today's example of the ship captain who was paid AFTER the voyage to ensure the well-being of his prisoner passengers was to show the importance and impacts of incentives.
No comments:
Post a Comment