Welcome to our economics class
Let me start with dispelling a common misunderstanding. Economics is not about money, it is the study of decision making. My goal is to help you understand how every decision we make has a benefit and a cost. After high school should you go to college or get a full time job? If you get a full time job what might your cost be? If you go to college what might the cost be? What about renting an apartment, should you get a roommate, have a dog, get all the utilities paid as part of the rent? What about the federal government, should they increase defense spending or should they increase public assistance? At what cost to other federal programs? These are important decisions that come with an opportunity cost.
During our semester together we will explore the different economies of the world, how governments create income and the principles of different business types. We will also learn the difference between unskilled, skilled and professional labor and what influences wage determination among many other concepts.
I look forward to learning with you as we explore the true meaning of economics.