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Economics is the science of choice, exploring the choices made by individuals and organizations.Our prosperity is the result of choices made by all sorts of people, includ- ing inventors, workers, entrepreneurs, and the people who saved money and loaned it to others to invest in machines and other tools of production.Back in 1891, the latest technological marvel was Thomas Edison's cylinder phonograph, which played music recorded on 4-inch cylinders.Given the wages and prices in 1891, it would take you roughly 800 hours of work to earn enough money to buy the phonograph and all the cylinders.For example, each year the typical urban commuter in the United States wastes more than 47 hours and $84 worth of gasoline stuck in rush-hour trafOver the last few centuries, these choices have led to substantial gains in the standard of living around the globe.Although prosperity and efficiency are widespread, they are not universal.In the United States, the typical person today has roughly seven times the income and purchasing power of a person 100 years ago.

Economics is the science
of choice, exploring the choices
made by individuals and
organizations.
Over the last few centuries, these choices have led to
substantial gains in the standard of living around the
globe. In the United States, the typical person today
has roughly seven times the income and purchasing
power of a person 100 years ago. Our prosperity is the
result of choices made by all sorts of people, includ-
ing inventors, workers, entrepreneurs, and the people
who saved money and loaned it to others to invest in
machines and other tools of production. One reason we have prospered is greater efficiency: We have discovered
better ways to use our resources—raw materials, time, and energy—to produce the goods and services we value.
As an illustration of changes in the standard of living and our growing prosperity, let’s compare the way people
listened to music in 1891 with how we listen today. You can buy an iPod shuffle® for $49 and fill it with 500 songs
at $0.99 each. If you earn a wage of $15 per hour, it would take you about 36 hours of work to purchase and then
fill an iPod. Back in 1891, the latest technological marvel was Thomas Edison’s cylinder phonograph, which played
music recorded on 4-inch cylinders. Imagine that you lived back then and wanted to get just as much music as
you could fit on an iPod. Given the wages and prices in 1891, it would take you roughly 800 hours of work to earn
enough money to buy the phonograph and all the cylinders. And if you wanted to keep your music with you, you
would need 14 backpacks to carry the cylinders.
Although prosperity and efficiency are widespread, they are not universal. In some parts of the world, many
people live in poverty. For example, in sub-Saharan Africa 388 million people—about half the population—live on
less than $1.25 per day. And in all nations of the world, inefficiencies still exist, with valuable resources being wasted.
For example, each year the typical urban commuter in the United States wastes more than 47 hours and $84 worth
of gasoline stuck in rush-hour traf