What is
Economics?
Textbook
Definition
• The study of how
“people” make
choices.
A
relatively
new
Social
Science
A different
way to
look at
current
issues
• Adam Smith and
John Locke
• Karl Marx and
Frederich Engels
• John Maynard
Keynes
Return
A Different Way of Thinking
 Why are divorce rates at an all time high?
 What is the affect of weddings on the
economy?
 Politicians – “We can increase spending on
programs, and cut your taxes.”
 Why does Johnny Depp make $20 million to
work 3 months?
 Why do the Republicans want to give tax cuts
to the rich?
 Why do we spend money in foreign countries
when we have people here that need help?
 Freakonomics Examples