Explaining Economics to a Layman

[eggmanneo]

I wish I could better explain economics to a layman. I was just hanging out with some friends yesterday and we started talking about high oil prices. My two friends were blaming it on oil companies gouging us. As a rising economist I disagree and blame it on supply and demand. And since demand for oil is inelastic, at least in the short run,

Comments

[minds_edge]

I think that it's a little bit of both gouging as well as supply and demand. Because there are some gas stations... I saw a news report on it once, but then again... you can't always trust the news! Over-dramatizations.. bah