Good day ladies and gentlemen. I am so pleased to be here. My name is Professor Benjamin Frankum and I would like to share some information with you. Did you know that in the time that you can wash your car or get your hair cut that you can learn economics? The basics are just that simple. I am here to teach everybody. Did you know that economics is independent of your education, of your political belief, of your religious belief, of your color, your gender, and your age? The basic principles in the science of economics . . . which is the science of the material welfare of mankind . . . apply to any economic entity. An economic entity could be a corporation or company, a town, a county, a state, or even a country.
We will work together to understand some of the basics. Do you know what the terms Gross Domestic Product and Standard of Living mean? The Gross Domestic Product of any economic entity is the total of all products that are made and services that are rendered within an economic entity. The Standard of Living is equal to all the products and services that are consumed by that economic entity.
I hope to see you again soon. Please stop back soon to learn some more. Do you have any questions so far?
