Notes 1-4
12 things have to happen for a market to work:
- Private property
- Freedom of enterprise
- Self – Interest
- Competition between buyers and sellers
- Market
- Reliance on capital
- Specialization( people do what they do best)
- Money as a medium exchange
- Limited Government
To be considered a market you have to have large numbers of sellers.
- Private property
- Freedom of enterprise
- Self – Interest
- Competition between buyers and sellers
- Market
- Reliance on capital
- Specialization( people do what they do best)
- Money as a medium exchange
- Limited Government
To be considered a market you have to have large numbers of sellers.