Hello there and thank you for tuning in today. This is the intro to a series about economics. So kick back, grab your cup of coffee and relax
So what is Economics?!
Well at its core Economics is just the study of people and choices. It is a company deciding when to release its new product or a student choosing what career to go with. It is also not the study of money or how to get rich. Those are just things that understanding economics can help with. Even the famous economist Alfred Marshall once described economics as
A study of man in the ordinary business of life. It inquires how he gets his income and how he uses it. Thus, it is on the one side the study of wealth and on the other more important side a study of man.
Why should you care?!
To put it simply understanding economics can change the way you view and interact with the world. Over this series you will learn important concepts that help you understand issues around you and how to solve them hopefully making the world a better place. Plus, you are already using economics all the time. When you clicked on this post, you made a choice that benefits of reading this piece of writing outweighs the cost. Yes this is a free post and you didn't have to pay anything but the cost of reading this post is the other things you could be doing and this my dear reader is the opportunity cost.
Everything has a cost. Take this example, each year hundreds of thousands of people die in car and plane accidents. However,Does this mean that we have to close down airports and ban cars?!
Of course, not.
That would be too much of a cost. We all know that driving comes with a risk but we do it anyway that is because the cost of walking everywhere doesn't outweigh the small chance of being in an accident. What this means is that we can't have everything so we make decisions after weighing the costs of our choices
I hope you enjoyed this little intro of the series. One last thing before you go, if you're intrested in getting notified when other parts in this series comes out comment #notify down below.
