Purpose of Economics

What is Economics? Economics is the study of making effective choices in the face of scarce resources. Economics is simply one more lens for us to examine the world through. The overall principle of Economics is that resources are scarce. If there is an abundance of something we want, it is much less valuable than if we want it and it is scarce. For example everyone wants to breath the air, but until we’re in a leaking submarine a quarter mile under the ocean we place no value on it. The only reason we suddenly value the air we breathe is because it’s rapidly leaving the submarine.

You and I both deal with these choices everyday. We have 24 hours in a day, 7 days in a week, 52 weeks in a year and on average about 80 some years to live. That leaves us with a limited amount of time to read, learn, play, love, teach etc. We make choices on what we value at a given point in time. Economics tries to quantify this process and make the decisions mathematical.

When we are faced with decisions about how to spend our money or our time. Is there an objective way to decide if we should write a blog or do our laundry?

Economics is the attempt to frame our (an individual, a company, or a society’s) choices in a specific manner.

Blog Statement of Purpose

My purpose in writing this blog is to:
Have a record of all my Micro Economics notes from this semester.
Provide other people with a resource for reviewing or learning about Micro Economics.
And to improve my writing,

I would appreciate any comments from my loyal, sorry cursory, readers on how to improve my writing in addition to any corrections, explanations, or elaborations to the information I put forth.