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The Game of Economics

– Economics is a game played by everyone, in which every player has roles and goals.

– Like other games, the game of economics has rules, properties, and outcomes.

– Unlike other games, economics has no winner. This is mostly because there is no rule that says when the game has to end; in fact, the game of economics never ends.

– Economics is all about the allocation of resources for the production and distribution of goods and services.

– Efficiency, equity, freedom, growth, and security are all goals different players have in the game of economics.

– Although goals are sometimes incompatible with one another, they still must be set in order to play the game of economics.

– Scarcity occurs because resources are limited. This is one reason why allocation decisions are so important.

– The fundamental questions faced by all economic systems are: What will be produced? How should production be organized? How will goods and services be distributed? What is the most effective allocation of resources?