Here is my schedule for the day:
4-5 am Wake up, caffeinate, check my email, and practice drawing; 5-7 am workout; 7-5 pm go to work and coach; 5-7pm workout, eat, and make lesson plans; 7-8pm family time then bed.
So where is the economics in this schedule? This is how I interpret the economics. First, my supply of labor is inelastic. If my boss at work demanded that I work longer, I would be unable to respond to his demand. My schedule shows my preferences and choices come at an opportunity cost. If I want to go to a movie, I will have to give up something on my schedule.
Economics is a way of making decisions when wants are greater than the resources to satisfy them. I have been looking at how I make decisions under conditions of scarcity. This post was one example of those decisions.