Goods that offer utility but are not scarce are non-economic goodsValue is subjective, and subjective valuation happens at the margin.There is a difference between valuing in the aggregate and valuing at the margin.Humans act because we have the ability to discover causal relationsNatural sciences contain restraints and social sciences do not.In the field of economics, there are no constant relations.The way humans act under scarcity is to engage in the process of production.There are four inputs into the production process: land, labor, capital, and technology.The law of returns explains that there is a scale of production at which efficiency is maximized.Humans are deciding on objects based on the least valuable use they fulfill for us.
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