What did Frederic Bastiat say was the one difference between a good economist and a bad economist? What is the single most important lesson in economics? What do economists mean when they talk about "Guns & Butter?" How does scarcity apply to you? How does scarcity apply to government policies? What does Economist Thomas Sowell say is the first rule of economics and politics? What are the factors of production in economics? Why is economics so important? What is the difference between macro and micro economics? What is the "widgit" for this episode