Translate an Economics Concept into Something You Can Actually Explain

Someone used the term in a meeting and you smiled and moved on. It has come up four more times since. This turns any economics concept into a plain-English explanation with a real-world example, so you can stop nodding and start actually knowing what it means.

Explain {ECONOMIC_CONCEPT} to someone who has not studied economics, using only everyday language and a single concrete example from ordinary life.

Your explanation should:
- Define the concept in one sentence without jargon
- Show it in action with a real example (not an abstract market)
- Explain why it matters outside of economics textbooks
- Note one common misconception about it

Length: under 200 words.