recovering economist
[This is part of the series: The Complete Guide To Economics 101.]
What is a market?
A Market is nothing but a group of buyers and sellers of a certain good or service.
Sellers offer to sell at a price, buyers bid to buy at another price, and when an agreement is reached, a transaction is made.
This back and forth over prices acts as a price discovery.
Examples of markets are nearly everywhere.
They can include:
1. Read 1 book per week for 1 year. It will change your life.
2. If you want to win in college football: Play at home, run the ball, and don’t make turnovers.
3. Gary Vaynerchuk is blowing my mind in this interview I am watching.
4. Entitlement is independent of income. But you are not entitled to anything.
5. “If you’re tempted to buy something, just imagine that those new shoes were actually made out of crisp $ 20 bills. Do those $ 20 bills look good getting dirty on the sidewalk? No, they do not. That’s because money looks better in the bank than on your feet.”