1. Organization is key! NDP + title first!!!!
Outline (bullets not sentences)
ABRV8
Ask Qs
Review3!
Paper, pens, pencils are up on the table.

2. What is Economics?
A very basic description of what this class is all about and why it’s required for graduation.
Gwartney, J., Stroup, R., Lee, D., Ferrarini, T., and Calhoun, J. (2016) Common Sense Economics, third edition. New York: St. Martin’s Press

3. Why Take Notes?
The more you think it, say it, read it, write it, see it, hear it… the better you will remember it. & A resource for studying/reviewing

4. 1. Life is about choices. How many choices have you made today?
List at least ten choices you’ve made so far today
Think about…
Were any of them snap decisions?
Did you intentionally weigh pros & cons of those decisions?
Was your decision made on past experience, consciously or unconsciously?
We are ALWAYS making choices; some we need think about

5. 2. Economics is about how incentives affect those choices.
Incentives = reasons, motivations
Q #1: What makes me do I do the things I do?
At home, at school, w/ friends, at work
Q #2: Why makes me avoid other things?
Homework, good decisions

6. 3. The choices we make affect ourselves.
Do I promote or hinder my well-being or my quality of life?
Education
Spending & investing
Work ethic

7. 4. The choices we make affect everyone.
We are…
citizens, neighbors, co-workers, family members, voters, consumers & producers.
Do I promote or hinder our freedom & prosperity?

8. 5. To choose intelligently, we must understand some basic economic principles:
HOW people choose
What MOTIVATES their choices
How their choices INFLUENCE their personal welfare and that of others

9. So, economics is about... human decision-making,
the analysis of forces underlying choice,
and the implications for how societies work
Implications = effects, consequences

10. That’s the economic way of thinking.
Simple Summary
The difference between being a child and an adult is how you make choices.
A child makes choices usually without thinking, and cares little about others.
An adult considers the consequences – the costs and benefits – of their decisions and chooses accordingly (but not always perfectly).
That’s the economic way of thinking.