Think In an “Economic Way”

Thinking in economic way can help a person to analyze complex problems. There are several methods that can be followed to think in this perspective. Every Choice Has Its Cost Due to scarcity of human and capital resources, individuals have to make choices and must decide how to use best out of the available reserves. The notion “there is no free lunches and dinners” represents the essential issue of economic sense, as you have to tradeoff for one thing for another. Opportunity cost is the value of best forgone alternative,…

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