Summary Of Naked Economics: Undressing The Dismal Science
Kevin Moy
Period 3
Assignment #1
Naked Economics: Undressing the Dismal Science
Chapter 1 The economy is a very complex system in which consumers and retailers spend sufficient time to make themselves as wealthy as possible. In the chapter, the cost of something is giving up something to receive a product or service usually more than just money. Companies use different strategies to maximize profits like for an airline to distinguish between a business traveler versus a pleasure traveler. The concept of Supply and Demand is introduced with the example of a tuna fish and a salmon with the popularity of the tuna the supply of tuna goes down raising the prices of tuna. The concept of cost is appealing in that people will use a product
Period 3
Assignment #1
Naked Economics: Undressing the Dismal Science
Chapter 1 The economy is a very complex system in which consumers and retailers spend sufficient time to make themselves as wealthy as possible. In the chapter, the cost of something is giving up something to receive a product or service usually more than just money. Companies use different strategies to maximize profits like for an airline to distinguish between a business traveler versus a pleasure traveler. The concept of Supply and Demand is introduced with the example of a tuna fish and a salmon with the popularity of the tuna the supply of tuna goes down raising the prices of tuna. The concept of cost is appealing in that people will use a product