The acronym TANSTAAFL stands for "There Aint No Such Thing As A Free Lunch." When we hear the word free, there needs to be a red flag go up because as the saying goes there ain't nothing free, as there are resource costs somewhere in the mix (Sexton, 2012). With scarcity, we have unlimited wants, and limited resources and competition can make it difficult for allocating resources and efficiency makes the economic pie as large as possible (Sexton, 2012). For firms to compete, they have to become more efficient, and efficiency causes products to be better and cheaper, as Adam Smith said, "price is like an invisible hand to guide buyers and sellers to an outcome that is desirable" (Sexton, 2012). Again back to the saying nothing
