Economics is the study of choices and their cost. Every choice has a cost - whether that cost is measured in dollars or opportunities that are given up in order to take advantage of another opportunity - there is a cost to every choice.
The most basic law of economics deals with supply and demand. Nothing demonstrates this law in action better than times when people are faced with crisis.
Take Hurricane Irma for example, and the affect of high demand on the costs of basic items.
The most basic law of economics deals with supply and demand. Nothing demonstrates this law in action better than times when people are faced with crisis.
Take Hurricane Irma for example, and the affect of high demand on the costs of basic items.
"In addition to some gas stations out of fuel, those stocking up for the storm have found that bottled water is in short supply at grocery and big box stores. The stores that have water say it’s gone as soon as they restock the shelves."