00:03
In daily life, we make choices.
00:13
Now, let's think why all our choices we make are, in fact, economic choices.
00:28
Even though most of the time it might be subconscious or we don't think about it, in every choice we make, we are analyzing the costs relative to the benefits.
00:47
And when we do that, we are taking to account our interests and also the cost of that.
01:01
It could be money or something else like our time.
01:07
And when we think of this, so cost could be monetary, time, or something else.
01:20
And the benefits, of course, could be in terms of likewise, monetary or utility.
01:33
Is in our satisfaction we get.
01:47
And these are all guided by looking at tradeoffs and also our self -interest.
02:15
And so basically this happens in every choice we make.
02:20
For example, deciding what clothes to buy, what we're going to do on friday night, if we want to make a phone call to family.
02:30
These are all economic choices, even though we don't realize it...