This is part of Money Factor, a Kid's Guide to money and finance
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Created by cecilia valente
almost 4 years ago
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Created by cecilia valente
almost 4 years ago
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* You don't need to be an expert to understand the word 'economy'
* The word 'Economy' is very old. It derives from two ancient Greek words
* When you decide how to use your time, your room, your intelligence, the resources of the world around you, you act as an ECONOMIST, in the purest sense of the word.
* There are only 24 hours a day, there is only so much space you can have, only so many friends you can play with, only so many types of sports you can choose
* Because of scarcity, you must also deal with what is known as the OPPORTUNITY COST
Let's have an example: because you are working on this course, you are NOT doing something else. YOU are facing the opportunity cost attached to working on this course
* The opportunity cost is the price you, I and everyone else pay for making a choice
