And what is it? A dismal science? Hardly.....
Basically it is the study of how people make decisions in their everyday lives. It's about how people use resources they have to get the most they can of the things they want.
The simplest of decisions can have significant lasting consequences.
It's the study of production, distribution and consumption of scarce resources. Whether as an individual, business manager, or policy maker, an understanding of basic economic principles teaches us to better analyze choices.
Basic economic principles are sometimes summarized into six principles, sometimes nine, or otherwise. Regardless of the categorization, the basic principles are the same. And when you understand them, you will
Make Better Choices
An economically and financially literate citizenry is critical to the success and well-being of our nation. Economic and financial literacy will prepare students to become:
Informed consumers. By assessing the costs and benefits of their consumer decisions, students will be able to provide for their own and their families' well-being.
Productive employees. By recognizing what it takes for a business to be successful, and the need to invest in their own human capital, students will be more productive throughout their own working lives.
Innovative entrepreneurs. By recognizing the option to start your own business and the risks and rewards of doing so, some will take the steps to do so.
Prudent savers and investors. By analyzing the costs and benefits of saving and investing,students will contribute to their own and the nation's long-term economic well-being.
Effective participants in the global economy. By gaining perspective on their role in the global economy, students will develop the ability to compete in a world-wide marketplace and recognize the need for education and training to stay abreast of our dynamic economy.
Reasoned voters. By acting on relevant information, students will become knowledgeable, responsible participants in the political process.
Effective decision makers. By exercising reasoning skills and applying economic knowledge, students will learn to make more effective choices in an ever-changing society.
Test your own economic literacy!