Just because economics is taught at the highest levels of academia doesn’t mean it is only useful to adults. In a world of scarce resources, supply refers to things that are available and demand describes how many people want those things. Children can understand and apply these basic principles to everyday choices like what to have for lunch or how to spend their time after school.
Learn why and how to chat with the children in your life about economics to empower decision making.
Grandma and Grandpa are coming for a family feast. A trip to the grocery store reveals lessons about supply, demand, costs and price.
While the kids are dreaming up a tropical vacation, Mom chats about trade-offs, opportunity costs and diminishing returns.
Being free for the summer means relaxing and having fun … as well as savings, allowance, incentives, disincentives and taxes!
Mom and Dad are considering a new car, while their daughter is focused on her favorite boy band’s new album release. A family yard sale teaches a lesson about wants vs. needs, choices and elasticity.
Each chapter creatively displays an economic lesson with a beautifully illustrated graph – no graph paper required!
Finally, Balconi and Laffer offer a book that builds a bridge between parents and children about a vital, but often daunting, topic – economics. Let’s Chat About Economics is very accessible; the storytelling mode is appealing to both children and adults. I predict that parents will learn as much about functional economics as their children do and that their futures will be the better for it.