1.) Even though we are technically "supposed" to run out of oil in roughly 40 years, we will NEVER run out of oil for this reason: As oil becomes more scarce, it will become harder to findthe oil and eventually it will become so hard that we will essentailly stop looking. In other words, it gets expensive even though it's always free.
2.) Economics is a social science. The collaboration between economists and all people is essential for the prosperity of everyone and to ensure proper decisions are made.
3.) Economics is a study of scarcity. Man acts purposefully (continued in next class).
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