Seven Rules 1. Our economic pie is limited. Because there's only so much stuff to go around and everyone wants more than they have, what one gets, another doesn't. That means virtually every good produced, every action taken, has an opportunity cost. Subjectivity Value is subjective.
Prices are subjective.
Everyone has their own likes and dislikes and are willing to pay different prices for what they buy. From the sellers side, prices are determined by production costs which depend on the subjective value of the resources. Inequality Life is unfair. Differences in natural abilities, acquired skills, individual effort, political influence, and parental wealth mean that some have more income, wealth, and control over resources than others. It frequently means that them that gots also gets.