Did you know when we have a steady supply of money as well as times when bad luck takes all our money, we STILL have costs. And every night and every day we will continue to pay costs even if we lose every penny of our money. This life gives us time for productive work as well as time for leisure and in both cases you are paying costs.
So how do we pay costs every day? With decision making. Right now you are paying a cost for reading this blog. The cost is whatever you could be doing instead of reading the blog. Because you are sacrificing that other activity in order to read this blog. So to see economics teach you something about life, go into each day reminding yourself of the costs you are willing to pay with your decision making and you'll begin to think about economics more often and how fun it is to learn!
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