Demand & Supply
Coordinating Smart Choices
Price and Quantity are the outcomes. They are where explanations END. "This is why PRICE is $50 or
Quantities are this amount"
Explanations begin with all the factors behind factors of demand and supply.
Market is NOT A PHYSICAL PLACE. It is the interactions of buyers and sellers.
Competition between buyers
Competition between sellers
Cooperation and voluntary exchange between buyers and sellers
Interaction between buyer and seller is COOPERATION. Their exchange is VOLOUNTARY. Buyer and
Seller BOTH think they are better off. And competition is between buyers themselves and sellers
Property Rights are legally enforceable guarantees of OWNERSHIP of physical, financial and intellectual