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The more garbage we dump in the air, the less desirable—and healthy—it will be to breathe.If we decide we want to breathe cleaner air, we must limit the activities that generate pollution.His opponents, upset by policies such as a reduction in corporate tax rates, sought a no-confidence vote in Parliament in 2011.
If our resources were also unlimited, we could say yes to each of our wants—and there would be no economics.
Because our resources are limited, we cannot say yes to everything. We could leave the land undeveloped in order to be able to make a decision later as to how it should be used. There are alternative uses of the land both in the sense of the type of use and also in the sense of who gets to use it. We pollute it when we drive our cars, heat our houses, or operate our factories.
Students sacrifice that time in hopes of even greater earnings in the future or because they place a value on the opportunity to learn. Part of that cost is the value of the best alternative use of the money required to see the doctor.
But the cost also includes the value of the best alternative use of the time required to see the doctor.
Economic issues dominated the news in 2011, just as they dominate news in most years.
What happens to economic phenomena such as growth, unemployment, gasoline and food prices, house values, and the national debt matters—and these phenomena matter a great deal.
A good is scarce if the choice of one alternative requires that another be given up.
The existence of alternative uses forces us to make choices.
But our wants, our desires for the things that we can produce with those resources, are unlimited.
We would always like more and better housing, more and better education—more and better of practically everything.