HT to Mark Perry
Show this to your students and ask what some of the implications are for workers? for job skills? for infrastructure? for product quality? for competition?
This post references the following Keystone Economic Principles:
2. There Ain't No Such Thing as a Free Lunch.
3. All choices have Consequences.
4. Economic Systems Influence Choices.
7. Economic thinking is Marginal Thinking.
8. Quantity and Quality of available resources impact living standards