Cocktail Party Economics By Eveline J. Adomait And Richard G. Maranta
731 Words 3 Pages
The book Cocktail Party Economics by Eveline J. Adomait and Richard G. Maranta uses real life situations and analogies to discuss big economic ideas. These ideas help us understand the prices people have to pay for goods and services. Economic terms such as scarcity, exchange, value, opportunity cost and production allow us to understand the three larger concepts which are supply, demand and equilibrium.
The quote “Life is simple, work (real), get paid (money), buy stuff (real)” (Adomait and Maranta, 32) helps us understand scarcity. We only live so long so we can only dedicate a limited amount of time to each of the three parts of the previous quote, working, earning money from work and buying stuff. Everybody in the world