This preview shows page 1. Sign up to view the full content.
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
motivated by self-interest and
that the “invisible hand” of the
marketplace guides this selfmarketplace
iinterest into pro...
View Full Document
- Summer '11