LocalLit book review: Joliet author writes simple, profound book on economics

I just finished reading “Abdurrahi’ms ABC Economics for Children” by Amin Falaq.

Oh, how I wish I had this book when I was home-schooling my six kids!

First, I’ll share the books description on Amazon. Then I’ll share my thoughts and a few snippets.

Here is its Amazon description: “Do you want your child to learn economics? ‘Abdurrahi’ms ABC Economics for Children’ will take your child through basic economic concepts and application in 19 easy-to-read and understand lessons. Written in a soft way that makes each lesson take only a few minutes each day, the entire book can be completed in 20 days and the key points memorized in applicable relation to daily life.”

Falaq sets the tone for his book in the preface when he writes “money doesn’t grow on trees,” an expression we’ve all heard. But then he adds, “but money is made from the trees that grow from the earth. Financial literacy is to know that wealth grows from the same earth that the tree grows from.”

What then follows are 22 short and simple lessons – or principles – in economics, followed by questions. Falaq wrote in his book that the lessons are written “on the level of the thinking child of almost any age.”

If the parent or parent figure spends a couple minutes each day, literally just a few minutes each day, discussing these precepts, he or she will have built a foundation of financial literacy for the child that the child will use into adulthood.

Not only does Falaq state these principles very plainly and concisely, he sometimes stated them very poetically, too, which made this book enjoyable on a nearly meditative level.

And this is a book about the basics of economics.

Here are some snippets:

“Natural resources are forms of wealth given to man by the Creator. … Labor is the activity that changes natural resources into economic resources.”

“A tree is a natural resource, but by the human activity of cutting it down and using it to make a chair, the tree becomes a chair, which can be sold.”

“Intellect is a natural resource. It is like platinum, gold, and jade, and other treasures of the earth.”

“Everyone has wealth. Economics determines how you benefit from your wealth.”

“Knowledge is a replenishable resource. Replenishable means you can recharge it, like you do your cellphone.”

“Time is the most equally distributed natural resource. Every day the poor person has as much time as the rich person. Everyone gets an equal amount of time, but everyone does not use their time equally.”

“There are only three things you can do with time. You can:

“1) Waste time (do thing that may or may not have immediate pleasure but has negative results and/or no future benefits).”

“2) Spend time (dong things that have immediate pleasure and/pr positive results but not future benefits).”

“3) Invest time (doing things that may or may not have immediate pleasure and positive results but have future benefits).”

Topics in “Abdurrahi’ms ABC Economics for Children” also include assets and capital, investment, barter and debit and credit cards.

The only cons to this book are some uneven formatting on the Kindle version. But due to the layout of the book, that did not affect the ability to read and enjoy it.

I highly recommend this book.

Buy “Abdurrahi’ms ABC Economics for Children” on Amazon.

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