"If you spent
would have wasted twelve minutes " Naked Economics
fourteen minutes talking to an economist you would have wasted twelve minutes " Naked Economics
People's thoughts are surrounded by the idea that economics is for those who are good with numbers but do not have the personality to be accountants; well, we are PLAYING THE GAME WRONG.
This entire concept of money does not define economics. Yes, economics is one of the main reasons why the world works the way it does, but I bet that every little thing that you walk by is also related to it as well.
This entire concept of money does not define economics. Yes, economics is one of the main reasons why the world works the way it does, but I bet that every little thing that you walk by is also related to it as well.
As a class read we've chosen naked economics, a book that gives you the real purpose of economics in the simplest possible way. This book takes you to a clear understanding that economics can be explained without graphs, charts and equations. "This book is not economics for dummies; it is economics for smart people who never studied economics " Naked Economics Just by reading the first pages I understood the meaning of many terms that meant ? when I heard them from adults mouthes. Something to keep in mind when we talk about economics is definitively how economics = intuition (common sense). In other words, there's nothing about economics that you can't deduce by yourself, that's what makes it so potentially interesting. Furthermore, it's important to be aware of the types of economy that a country can manage. |
Command Economy (Communism)
| Free Market (Capitalism)
| Socialism
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After reading a couple of pages from the book, I'm impressed by how people underestimate economics, thinking that it's unimportant in someones life. I've noticed the importance of this topic in order to understand systems and how everything works. "Economics is like gravity: Ignore it and you will be in for some rude surprises" On the other hand, one of todays' most important lesson was SUPPLY & DEMAND. This economics term is basically the reason why the market works and how countries manage their revenue and income. Moreover, supply & demand consists in how buyers are affected by the change in the market, and how the market is affected by the buyers. For instance, if | a certain product is scarce, the demand shifts up, and the supply shift's down, because the material is not easily available. Additionally, a company would most likely want to shift demand, yet not increase quantity- demand. Most probably, if one indicator (supply or demand) shifts the other one will as well. For instance, regarding demand, if you think that in the future prices will increase you buy now shifting the demand up, and if prices are expected to decrease, you wait, shifting the demand down. |
This topic was extremely interesting, and it made all of my thoughts make sense. Now that I understand perfectly one of the most fundamental concepts of economics, it encourages me to keep on investigating about the topic; this makes me content.