Wednesday, April 27, 2022

An Economics Lesson From a Science Teacher: Life is about Trade-offs

“Life is not determined by what you want. Life is determined by the choices you make.”

"In high school, theater emerged as my main interest. I couldn’t wait to audition for plays and musicals. But I had a problem. I also wanted to play soccer and baseball. Kids compete in these sports year-round now, but when I was growing up soccer was a fall deal and baseball a spring affair. The rehearsals for the plays and musicals conflicted with games and practices. There was no way around it. I had to make a choice."

"In a world without limits, we wouldn’t have to make choices. In an environment of plenty rather than an environment of scarcity, the laws of economics might not apply. But scarcity and limits do constrain our choices, and the laws of economics do apply—to all of us, whether we like it or not."

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