Economics

Economics – specifically, microeconomics – is the study of choice and how these choices are made given individuals’ and firms’ naturally limited resources.

One of the key ideas from economics which should be dutifully employed in our daily lives is the idea of opportunity costs – doing one thing precludes you from doing something else. This is fundamental to the idea of choice. Everything is a trade-off and we must balance the finite time and resources we have, and understanding this at a deep level is the basis of effective economic thinking.