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Unformatted text preview: oduction and which are market production. Also indicate that are mixture of both. Sewing a dress using a sewing machine at home and using materials and a pattern bought from a fabric shop Catching fish using a home­made lure Watching at home with a group of friends a new­release video rented from the local video library Flying to America to go to Disneyland Swimming in your neighbor’s pool Buying a ticket for a rock concert Babysitting your neighbor’s children for $5 per hour Having a backyard barbecue using meat from the local butcher and salad vegetables from your own garden Buying Coke or Pepsi from a dispensing machine at the local mixed business and drinking it while walking home from school Going for a walk along a beach PRICE IN MARKETS PRICE ADAM SMITH AND THE INVISIBLE HAND 1776, The Wealth of Nations invisible hand Participants in economy are Participants motivated by self-interest and that the “invisible hand” of the marketplace guides this selfmarketplace iinterest into pro...
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