Of course it always starts with that question - what is it? It's a study. Apparently some very bored person decided to study how a society works and how they function within the limits of their available resources. Let's face it. We all have limits. Everyone. Every business. Every country. Every organization. Often the resource is money. Cold. Hard. Cash. That often can be intimidating. Very intimidating. It's the reason I spent my entire undergraduate career avoiding the class. During my masters program, I wasn't clever enough to get around the class. I struggled through the first few days of class and then it clicked. I replaced the money aspect with something to which I could relate. Specifically, shoes. So, now instead of trying to figure out how fiscal policy works, I'm thinking "shoe fund." It makes it easier.
How am I going to maximize my available resources for the maximum shoe gratification? How is my behavior going to affect my ability to satisfy my desire for shoes? That is economics. A very basic view, but economics, nonetheless.
So, I have limited resources and, well, let's face it, a shoe addiction. Don't judge. You know you're reading this because you don't understand economics either, or you think I'm incredibly funny. It's a win for me either way.
Although I make a lot of bad jokes about economists, I have a lot of respect and admiration for them. Without these studies, our society as whole would most likely cease to exist.
