The first time I heard the word ECONOMICS I freaked out, it seemed complicated, very numerical and boring. It was until I began reading NAKED ECONOMICS that my thoughts change completely about this topic and I began to LOVE IT. The book started out saying something that caught me and kept me reading for long, "economics can be explained without graphs, charts, and equations". Yes, graphs can explain certain topics better but economics is really about understanding the ideas and concepts behind numbers.
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Economics is underestimated. People think that it is useless, but those who are economically illiterate make the wrong decisions.
"Economics is not only for smart people or experts. These ideas are too important and too interesting. Everyone should know about economics. "
Moreover knowing economics is vital for anyone, it helps you predict behavior, make sense of the world and explains why certain events unfolded or happened the way they did. Economics takes part of everything we do, it can even predict individual behavior and decision making.
"Economics is like GRAVITY: Ignore it and you will be in for some rude surprises."
Additionally, we learned one of the most important econ concepts, supply and demand.If the price goes up the company has more money to produce so their supply increases, however, the demand goes down because costumers aren't willing to pay a high price for the product. On the other hand, if demand increases the price and quantity rise as well and there is a shortage of supply.
There are many non- price factors that can make demand increase or decrease. These involve: change in consumer incomes, change of consumers taste and preferences, change in population size or demographics, change in expectations for future prices and changes in prices of substitute or complement goods.
This basic theory could be applied by any entrepreneur or business owner to improve their businesses and manage it better. It could make a big difference.
There are many non- price factors that can make demand increase or decrease. These involve: change in consumer incomes, change of consumers taste and preferences, change in population size or demographics, change in expectations for future prices and changes in prices of substitute or complement goods.
This basic theory could be applied by any entrepreneur or business owner to improve their businesses and manage it better. It could make a big difference.
SUPPLY vs. DEMAND | -ECONOMICS is life, it's crucial- 
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Furthermore, we can't understand issues or how the world works without economics. For example, we humans don't pay the entire cost for everything we purchase, however, society does. When we buy a car we pay for the vehicle, insurance, maintenance and the gasoline, but everyone else pays for the car emissions, the traffic, broken roads and danger we put in the highways. Yes, this is a major problem but the only way to understand it and find a solution is through economics. By raising the taxes people will use cars less or some even will stop using them completely. THIS IS ECONOMICS.
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Finally,
● IDEAS IN ECONOMICS ARE I N T U I T I V E●
Concepts and ideas come from logic from everyday problems (Naked Economics).
● IDEAS IN ECONOMICS ARE I N T U I T I V E●
Concepts and ideas come from logic from everyday problems (Naked Economics).
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