Is life only about economic profits?

Question

Person must observe All SIGNIFICANT costs and ALL SIGNIFICANT benefits. The Problem is many of both the Costs and the benefits are left out the equations are left out by either the unscrupulous or the uneducated/igrnorant!

Answer 1

No, definitely not (at least not in a financial way).  But to view things in an 'economic' way, everyone needs to look at two 'somewhat' basic things.  Person must observe costs and benefits.  Each decision has costs and benefits- and they don't have to be financial ones, they can be emotional, physical, etc.  One needs to weigh out the costs and benefits.  It is through that that we make better decisions.

Answer 2

Anyone who knows about competitive markets knows that in the long run, economic profits = 0.