Note1 20160609

"Economics is a study of mankind in the ordinary business of life." -- Alfred Marshall

The household must allocate its scarce resources among its various members, taking into account each member's abilities, efforts, and desires.

Caviar to the general -- a good thing unappreciated by the ignorant.

Principle1 : People Face Trade-offs

You may have heard the old saying, " There ain't no such thing as a free lunch."

To get one thing that we like, we usually have to give up another thing that we like. Making decisions requires trading off one goal against another. ##is this called "opportunity cost"?

Catch someone napping -- (informal)(of an action or event) find someone off guard and unprepared to respond.

Efficiency refers to the size of the economic pie, and equality refers to how the pie is divided into individual slices. but when the government tries to cut the economic pie into more equal slices, the pie get smaller.

but if government tries to keep the pie into jungle, what will happen?

Nonetheless, people are likely to make good decisions only if they understand the options they have available.