What is economics?
Economics is not a collection of facts to be copied down and memorized.
Nor is economics about a set of complex formulas to be solved or otherwise afraid of.
While economics can be very useful for running a business, is it is not all about business.
Rather, economics is the study of how people make choices under conditions of scarcity and the consequences of those choices for individuals and for the society as a whole.
We face scarcity in productive resources such as land, labor, and capital.
What will you be when you grow up? What job would you like? I’m sure you’ve been asked that question many times, or if you haven’t been, you will be asked that question soon.
Your answer might be a doctor, maybe a truck driver, a teacher, a farmer the list is endless. But did you know there is one job you’re going to have that everyone who lives in this country has, and that is the job of being a good citizen.