L. F. P.
The Basic Facts of Economics
A COMMON-SENSE PRIMER
FOR ADVANCED STUDENTS
FIRST LESSON
ECONOMICS
On the surface, Economics appears to be the science of making money.
This appearance is due, however, to a careless recognition and erroneous application of the fact that Economic accomplishments are measured by money standards and expressed in money terms.
When, for example, a builder builds, he builds to make money. Money measures the Economic extent of what he is doing, and money terms express its Economic desirability. They also express and measure his motive, which is the compensation he can command in the currents of trade.
A merchant makes money when he manages a profitable business.