Should everyone understand economics?

Everyone should at least have a simple knowledge of economics. Especially supply and demand. Without having simple knowledge it may cost you a good penny for certain things. Also, having knowledge of economics will help you save more and understand when prices rise for certain things. Having knowledge of economics will help you outsmart the suppliers. For example: if you buy your clothes for the opposite season, you can take advantage of decreased demand (Shawn McIntrye). Meaning the price will be lower if you buy summer clothes in winter than if you buy summer clothes in the summer.