and over in the United States had a high school diploma, only 36% of those aged 25 and over had a bachelor's or

higher degree, and only 13.5% had earned a master's or higher degree.

This brings us to the subject of this chapter: why people make the choices they make and how economists explain

those choices.

You will learn quickly when you examine the relationship between economics and scarcity that choices involve

tradeoffs. Every choice has a cost.

In 1968, the Rolling Stones recorded “You Can’t Always Get What You Want.” Economists chuckled, because

they had been singing a similar tune for decades. English economist Lionel Robbins (1898–1984), in his Essay

on the Nature and Significance of Economic Sciencein 1932, described not always getting what you want in

this way:

The time at our disposal is limited. There are only twenty-four hours in the day. We have to choose

between the different uses to which they may be put. ... Everywhere we turn, if we choose one thing we
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