In a chicken sandwich are ingredients from around the world that one person can create but the price system gathered them for us at the local supermarket.
When “pay what you want” is used to determine restaurant prices, it creates incentives for consumers on the demand side that typically eliminates profit.
Our everyday economics includes GDP, human capital, price system, public goods, taxes, gender pay gap, externalities, subsidies, marriage economics and ROI.
This week’s everyday economics involved 6 economists and such ideas as product differentiation, behavioral economics, marginal utility, price and trade.
econlife®
Connecting economics with everyday life.
Located at the intersection of current events, history, and economics, econlife® slices away all of the layers that make economics boring and complex. We like economics and we would like for you to like it too.
