Money Grows on Trees! Economics for Teens
By David Heyman
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About this ebook
Ask any teenager about money, and you'll be surprised to find that money grows on trees. In spite of their education in math, science, and the arts, they're woefully uninformed about financial "facts of life."
The McDevitt family is about to purchase a new car, and Ty and Kerry, the youngsters, learn about borrowing, interest, and mortgages. Their discussions lead to the GDP and the national debt.
David Heyman
David C. Heyman, M.D., retired after forty-three years in the medical practice of anesthesiology. Renewing his interest in creative writing, he is now pursuing ideas that he recalls from talking with patients, raising four children, and keeping up with current events.His first printed book is Money Grows on Trees! Economics for Teens, in which his main motive was to tell his grandchildren how hard their parents had to work to provide for them. Next, he wrote two eBooks—the first two plays of a series called Neighbors—based on families in rural Pennsylvania during the gas-drilling boom. Recently, he wrote Slip of the Tongue, a dark morality play about a small-town radio talk-show host. Coming soon will be a series of iconoclastic, humorous stories called Ether Frolics.He lives in Montoursville, PA, and enjoys reading and participating in local cultural events. He also plays the piano for challenge and relaxation.
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Money Grows on Trees! Economics for Teens - David Heyman
Money Grows on Trees!
Economics for Teens
~
David C. Heyman
Special Smashwords Edition
Copyright 2011, David C. Heyman
License Notes, Smashwords Edition
This eBook is licensed for your personal enjoyment only. This eBook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords and purchase your own copy. Thank you for respecting the hard work of the author.
Table of Contents
Preface
Chapter1 Do You Really Want Your Parents to Buy a New Family Car?
Chapter 2 What Money Is
Chapter 3 Not Enough Gold
Chapter 4 Monetary Policy
Chapter 5 How Much Money?
Chapter 6 Inflation and Deflation
Chapter 7 The Great Depression
Chapter 8 Stagflation and Supply-side Economics
Chapter 9 Cost of a New Car
Chapter 10 Responsible Debt
Chapter 11 The Two F’s -- Family Budget versus Federal Budget
Chapter 12 Fiscal Policy
Chapter 13 Who Decides How Much Tax Americans Must Pay
Chapter 14 Buying the Car
Chapter 15 Who was Adam Smith?
Chapter 16 Conclusion
Appendix Brief Answers to Thought Questions
Afterword
Preface
I’m not sure how my teen-aged grandchildren learned so much about science, math, social studies, and art. It could be the work of good teachers and good parents. Or, I say with some humility, good genes. But my grandchildren haven’t a clue about family finances or economics. They expect too much from their parents. I remember when my own children asked for something ridiculous, which was expensive of course. My usual response was, Do you think money grows on trees?
That was a fair answer in those days, but not in today’s world. The perception of money or wealth varies from one generation to the next and from rural to urban populations. It is not easy to explain wealth and value to children who watch TV shows in which teens live in comfortable homes on tree-lined streets, and who seem to have all the latest electronic gadgets and trendy clothes. To them, in these times, money does indeed grow on trees!
Yet the main thing is: when they ask questions, they really want to know the answers. And I can’t talk down to them. So, this book is for kids who want to know. Contrary to the recent spate of instructional books for Dummies,
I want to reach the Smarties.
And when my grandchildren make outrageous requests for things they think their parents should buy for them, I try to explain why they can’t have everything they want. I then outline in the following pages what, I hope, will help explain family finances. Because I believe the family economy correlates closely with that of our nation, I will discuss terms that apply to both. As far as what you need to know before you read this book, only some basic math and knowledge of percentages is necessary. The material is not supposed to be a course of study, nor an investment guide. However, it should help kids become more economically literate. It’s information for young Smarties.
I think we doctors use jargon to speak with other doctors, and sometimes leave patients out of the loop. I think economists do likewise, using techno babble to communicate with other economists, often baffling other people. I have resisted all but the most necessary jargon, and used illustrations when I was tempted to use graphics. In some places, after I have defined or explained a concept, I have asked questions intended to provoke thought or discussion. Suggested answers will be found at the end of the text.
Chapter 1
Do You Really Want Your Parents to Buy a New Family Car?
Learning about money might be boring to the McDevitt children, but it’ll help them spend it wisely when they’re older. It’s like learning life-long lessons about nutrition. Knowing what foods are high in calories, and how much fat and carbohydrate they contain, will help a person decide what to eat and how to stay healthy. As a rule, children like Ty and Kerry McDevitt don’t give much thought to healthy eating, even when they’re developing habits they’ll keep for the rest of their lives. When it comes to money, young people would be happier if they learned how to spend and save, and understood how an economy worked. Just as in nutrition, there are ads for both healthy and unhealthy foods. In economics, people face good and bad choices. They will hear from sly