energy, and expertise but does not offer high financial rewards, like being an elementary school teacher or a

social worker. Still others may choose a job that does consume much of their time or provide a high level of

income, but still leaves time for family, friends, and contemplation. Some people may prefer to work for a large

company; others might want to start their own business. People’s freedom to make their own economic choices

has a moral value worth respecting.

CLEAR IT UP

Is a diagram by any other name the same?
When you study economics, you may feel buried under an avalanche of diagrams. Your goal should be to recognize

the common underlying logic and pattern of the diagrams, not to memorize each one.

This chapter uses only one basic diagram, although we present it with different sets of labels. The consumption

budget constraint and the production possibilities frontier for society, as a whole, are the same basic diagram.
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