More on this book
Community
Kindle Notes & Highlights
opportunity cost. The short definition of opportunity cost is: ‘what you give up to get something else’. In
a little inflation is a good thing; it keeps the economy running.
Developed countries, where most of the development has already happened, have a very low rate of inflation, just a little over 1 per cent.
▶The Reverse Effect: People would rather buy more expensive goods than cheaper ones because they believe, for no logical reason but simply because of a ‘feeling’, that something that is cheap must be of lower quality than something that is more expensive.
