STEN 1000 Lecture Notes - Lecture 7: International Trade, Global Health, Government Debt
16 Aug 2019
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Document Summary
What you are seeing is the result of a lot of choices, and a decision about how to best create value to compete . If we understand our value proposition, we can organize ourselves to compete based on our strengths. Three fundamental market composition principles: the law of supply and demand. The ability of the market to determine the price for which a product or service will be bought and sold: allowing private ownership, entrepreneurship, and wealth creation. Markets should be open to support, encourage and promote the concepts of private enterprise: extent of government in influencing economic activity and direction. Balance needs to exist between the three principles for an economic system to develop and grow. Governments and institutions have a big role to play in smoothing and stabilizing volatility. In large measure, governments need to provide clarity and transparency in trade . Standardizing rules and creating level playing fields.
