Why people are bad at math
I really enjoyed this article about how business prey upon the freaky way our brains think about money. The article dances around the point that I make over and over again, so I’ll repeat it: it’s hard for us to wrap our minds around the concept of money until we realize that money is simply what we trade our time for.
In terms of our shopping behavior, the article puts it in these terms:
Consumers aren’t just hunting for products. They’re hunting for clues that products are worth buying.
Instead of “clues”, we usually get mind games, such as quantity over quality or anchoring — displaying an expensive product up front so the rest of the products seem reasonably priced in comparison.
PS: I hate the term “consumers” as a synonym for “people.” It makes us sound like pigs at a trough…