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Economics Lecture Four (view source)
Revision as of 20:30, September 20, 2009
, 20:30, September 20, 2009→Example: the NBA Draft: postscript on Bowie-Michael Jordan issue
The moral of this story: learn to look beyond your own situation when making buying and selling decisions. You may think a particular house is the best thing in the world, but if the market values that house less than you do, then you'll lose money if you buy it based on your personal preferences rather than market demand.
The moral of this story: learn to look beyond your own situation when making buying and selling decisions. You may think a particular house is the best thing in the world, but if the market values that house less than you do, then you'll lose money if you buy it based on your personal preferences rather than market demand.
''''Postscript''''': Sam Bowie himself had the most selfless and free market attitude of all. "If I had known that Michael was going to become the greatest player of all-time, I'd have chosen Michael over myself, too. That's hindsight. ... I have a wife of 21 years and children ages 17, 11 and 8 ..., and to say that every day's a holiday is an understatement."<ref>http://sports.espn.go.com/nba/columns/story?columnist=stein_marc&id=3019727</ref> Meanwhile, Michael Jordan has had marital problems and was unsuccessful after he switched teams late in his career.
== '''''Why''''' the Law of Demand Is True: Income & Substitution Effects==
== '''''Why''''' the Law of Demand Is True: Income & Substitution Effects==