What is economics?
Economics is the study of how people choose to use resources. Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services.
People who study economics are known as economists.
What does economics have to do with me?
EVERYTHING! It deals with time, space, money. It shows us that we have to make choices and that not everything can be obtained at every moment. It shows us that all of our choices have consequences. It also shows us how people respond to incentives.
You can either do your language arts homework, practice soccer, or watch Modern Family reruns. If you choose to do your homework, the consequence is that you give up your second choice, or your third. What you do not choose to do is your opportunity cost. It is the next best or second best alternative. Because TIME is limited.