Children are economists, it's time to chat about it!


Economics is the study of choices people make to be happy. Kids do this each day when they decide which shirt to wear, which TV show to watch or what to eat for lunch. In making these choices, they are using the economic principles of scarcity, supply, demand, opportunity costs and diminishing returns. Now is the perfect time to chat with your child about economics and prominent economist Dr. Arthur Laffer shows you how to get started.



Written for families of elementary-age children, Let's Chat About Economics identifies and illustrates basic economic principles through familiar scenarios. This book provides a framework for adults (parents, grandparents and teachers) to discuss economics with young children and continue these observations and conversations throughout life.



Children will recognize economics in action through everyday examples like shopping for groceries, planning a family trip, saving allowance and buying the latest, must-have tech gadget. When children understand the basic economic principles, they have a solid foundation of how the world works and can apply the same reasoning to make choices that serve their goals and unique purpose.



Don't waste another minute, start chatting about economics with the children in your life today!

Introduction: Why and how to talk with kids about economics
-Economics is about choices and can be used in everyday decision-making
-Children see their own value when they understand the basic principles
-Use the real economic terms
-Make it a two-way chat, a conversation
-Identify economics in everyday scenarios, econ is everywhere

Chapter One: Grocery Store
-Shopping for a family feast when Grandma and Grandpa visit reveals important lessons in scarcity, supply, demand, costs, price and taxes.
-Graph relationship between demand and price (red roses in February)

Chapter Two: Family Trip
-When Mom and Dad aren't keen on a tropical vacation destination for spring break, their children learn about trade-offs, opportunity costs and diminishing returns to plan a different trip.
-Graph illustrates the warmest temperature for the least expense (drive v. fly)

Chapter Three: Summertime
-Not doing chores (and not receiving allowance) seems like a better plan than saving half of everything per Mom's and Dad's new rules but learning about taxes, savings, incentives and disincentives leads the children to understand nothing is free.
-Graph the relationship between spending and savings (milkshake v. piggy bank)

Chapter Four: Yard Sale
-As Mom and Dad consider buying a new car, their daughter is focused on an exclusive new tech gadget presenting a lesson in price elasticity of demand for the children.
-Graph illustrates relationship between choices and elasticity (gas pumps & cars)