Words & Numbers

We all see the profits companies make when they sell things for more than it cost them to produce. Companies carefully measure these profits, and many are required to publicly report them to the penny. What we don’t see, but is every bit as real, is the “profit” consumers make when they buy from those companies. A consumer’s “profit” occurs when the consumer pays less for a thing than the maximum the consumer was willing to pay. The fact that we readily see companies’ profits and don’t readily see consumers’ profits contributes to many people’s misunderstandings about economics.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits https://wordsandnumbers.libsyn.com/episode-243-the-nature-of-exchange-pt-1 https://wordsandnumbers.libsyn.com/episode-244-the-nature-of-exchange-pt-2 Foolishness of the Week https://apnews.com/article/california-race-and-ethnicity-san-francisco