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Content: However, this does not mean that services are not useful or valuable. Indeed, when Adam Smith published his famous book The Wealth of Nations in 1776, he was referring specifically to the abilities and skills of a nation’s people as the source of its wealth. For Smith, if a country’s material possessions were taken away, its people, through their efforts and skills, could restore these possessions. On the other hand, if a country’s people were taken away, its wealth would deteriorate. TINSTAAFL The problem of scarcity has another important consequence. Because resources are limited, everything we do has a cost— even when it seems as if we are getting something “for free.” For example, do you really get a free meal when you use a “buy one, get one free” coupon? The business that gives it away still has to pay for the resources that went into the meal, so it usually tries to recover these costs by charging more for its other products. In the end, you may actually be the one who pays for the “free” lunch! Realistically, most things in life are not free, because someone has to pay for producing them in the first place.