Friday, February 07, 2014

What Do I Need To Know About Economics And The Market?

What are the market foundations? To state it in broad terms: one, the desires of the populace are infinite; two, production is ultimately for consumption; three, production takes time; four, an increase in goods leads to an increase in the standard of living; and five, an increase in capital goods leads to a future increase in the standard of living. And finally, making exchanges – as in trading – is made possible by and leads to specialization and the division of labor. 
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