What is the Market Place exactly?

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# What is the Market Place exactly? - PowerPoint PPT Presentation

What is the Market Place exactly?. Economic Origami and how the market place is like a football field. First the Economic Origami. First fold your paper in thirds like you are folding a letter. Make this in the middle Title this the Marketplace. \$. Part two the end zones.

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Presentation Transcript

### What is the Market Place exactly?

Economic Origami and how the market place is like a football field

First the Economic Origami

First fold your paper in thirds like you are folding a letter.

Part two the end zones

Next fold both sides in

about 2 1/2 inches to make

Flaps on the sides

Just unfold and You now have 3 football fields to play with

We will look at three ways to compare

the marketplace to a football game:

1. The field itself and its players

2. The action on the field

3. How to get on the field in the first place

Field # 1 and the Players

Team 1 The Buyers (end zone)

Team 2 The Sellers ( end zone)

This creates an opportunity for the two teams to fight it out in the market place to determine the price of the good or service:

The buyers want rock bottom prices

The sellers want Massive profits

Who will prevail?

Market Forces determine the outcome in this football game

The Real Income Effect

The Substitution Effect

Law of Diminishing Marginal Utility

Can both sides get what they want?Quid Pro Quo (field # 3)

Sellers: Goal

Massive Profits

Cheap Goods and Services