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.