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.
Hi, Flat Donald, how are you today? Oh I am doing fine. I’m very happy that you can see me in such a short notice.
So you want to talk to me, what do you want to talk to me about? Well, I want to know what economics is all about and what can I do with economics?
Oh, Flat Donald, that is a very wonderful question and a very important question. As a matter of fact, economics is about making decisions under the conditions of scarcity. What is scarcity?
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 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
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.
