Intro to Agricultural Economics Lecture #1

WHY UNDERSTANDING ECONOMICS MATTERS.
Economics isn’t just about defining abstract terms like some of those you already heard. It’s actually an exercise in philosophy! By that, I mean economics impacts every aspect of your life and influences everything that you do. And I mean everything!
Economics teaches that nothing is free.
Costs are involved with every choice, even if the choice doesn’t seem to have any bearing on money matters at all.