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Economics Lecture Two (view source)
Revision as of 12:23, September 5, 2009
, 12:23, September 5, 2009no edit summary
== The "Free Market" ==
== The "Free Market" ==
The interaction of supply and demand is what we call the "market". The "free market" is the interaction of supply and demand without any interference or control by government. The dictionary definition states that the "free market" is "an economic market operating by free competition."<ref>Merriam-Webster Collegiate Tenth Edition (1994).</ref>
The interaction of supply and demand is what we call the "market". The "free market" is the interaction of supply and demand without any interference or control by government. The dictionary definition states that the "free market" is "an economic market operating by free competition."<ref>Merriam Webster's Collegiate Tenth Edition (1994).</ref>
The free market drives down prices, which helps the poor enormously. It is the free market that makes the Bible and food and communications inexpensive for the poor, and which helps bring Christian missionaries to serve the poor in faraway places. The following example illustrates how the free market has made air travel available to the poor, and available to others in order to help the poor.
The free market drives down prices, which helps the poor enormously. It is the free market that makes the Bible and food and communications inexpensive for the poor, and which helps bring Christian missionaries to serve the poor in faraway places. The following example illustrates how the free market has made air travel available to the poor, and available to others in order to help the poor.