The Economic Perspective: “Key Economic Lessons”

Mary:  I’m Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at key economic lessons.  Mike, the beginning of a year is always a time to make resolutions and sometimes alter the way we live and think.  You recently wrote an article giving ten economic lessons you recommend people apply in 2020.   Give us your top five lessons.

 

Mike: Summary Answer

  • We can’t have everything – must make choices (where to live)
  • Dollars change in value over time
  • We’re paid to delay gratification
  • Pay for small risks; insure for big risks
  • Track your personal economy
  • I’m MW

 

Mary:  And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.