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Prices Are Critical to Markets

Prices Are Critical to Markets. Trade Pushes Out Limits. Human Creativity Pushes Out Limits. “Creative Destruction” (Tradeoffs, again). ETHICAL IMPLICATIONS OF MARKETS Markets Based on Voluntary Exchange [ Choices & Preferences of Individuals, not Force]. Your Preferences?

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Prices Are Critical to Markets

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  1. Prices Are Critical to Markets

  2. Trade Pushes Out Limits

  3. Human Creativity Pushes Out Limits

  4. “Creative Destruction”(Tradeoffs, again)

  5. ETHICAL IMPLICATIONS OF MARKETSMarkets Based on Voluntary Exchange [ Choices & Preferences of Individuals, not Force] • Your Preferences? • Food: Bananas, carrots, berries, hamburgers, … • Music: Pop, metal, classical, jazz, alternative, … • Leisure: Books, music, movies, theater, Disney, …

  6. Markets Are Not Perfect Fraud, Greed, Luck, Crashes … Other “Systems” Not Immune

  7. Lesson 1: Markets Raise Living Standards • Exchange based on low cost pushes out Production-Consumption Possibilities • For all incomes, political divisions, ethnicities, …

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