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Principle 6: Markets Coordinate Trade.
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Transcript
Examples of Markets Coordinate Trade :)
- Foreign foods from Mexico, Thailand, Germany, Belize, France, Alaska, etc. are sold at local grocery stores or food markets for lower prices.
- Buying silk from foreign nations to make clothes for cheaper prices
Invisible Hand
Questions?
- Metaphor by Adam Smith
- An "invisible hand" is guiding human affairs to explain the mystery of how certain things get to certain places.
- What is Laissez Faire?
- What is an example of markets coordinate trade?
- What is the main role of the invisible hand?
Laissez Faire (Let it be)
Markets Coordinate Trade Principle
What is Marketing to Economists?
MARKET
- The markets-coordinate-trade-principle usually do better than anyone or anything else at coordinating exchanges between buyers and sellers.
- Which allows easier sales and purchases to take place.
Economists have a more expansive view of markets.
- To Economists a is any arrangement that brings buyers and sellers together to do business with each other.
- Laissez Faire allows buyers and sellers can trade with each other until both are satisfied with their sales and purchase with limited government interference.
Principle 6: Markets Coordinate Trade.
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