We usually decide based on the "next" unit. (e.g., "Is the extra hour of sleep worth the extra stress of being late?"). 2. Macroeconomics (The Big Picture)
To create anything for "us" to consume, we need four ingredients: Natural resources (water, oil, minerals). Labor: The effort and skills people provide. Capital: The tools and machinery used to make other things. economicsandwe
Decisions are made by us as individuals and private businesses. We usually decide based on the "next" unit
The fundamental problem where human desires exceed the available resources like time, money, and raw materials. economicsandwe
Since we can’t have everything, every choice has a cost—the value of the "next best thing" you gave up.