Elena Gutierrez, Introduction, Question 6

While reading the introduction to Naked Economics, I was trying to strengthen my understanding of Economics, and build a foundation for the rest of the semester. I'm also interested in finding out how Economics affects me, and how Economics will play a part in my future. The first statement I noted was "scarcity is pervasive." This was in the chapter Forward, before the introduction. Burton G. Malkiel writes that everyone is an economist, and makes choices between competing satisfactions. This excerpt explained how I use economics on a daily basis. Whether I'm making the decision between filling up my gas tank or splurging on groceries, I'm weighing the opportunity cost. Forward set the tone for the Introduction, and I found it very interesting that in the introduction Charles Wheelan wrote about the economic illiteracy in U.S citizens. How most citizens praise Ben Bernankle for playing a "crucial role" in the U.S response to the global financial crisis, but rarely know what he does. Reading this inspired me to look up his position in the U.S government. Ben Bernanlke was a member of the Federal Reserve Board of Governors during the global financial crisis in the early 21st century, and he mainly conducted his own economic research gave annual reports to his colleagues and the U.S House of Representatives, and with his fellow board members over saw and operated the actions of the Federal Reserve banks.