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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.

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Lesson 6: Market Supply | Unit 5: Scarcity Page: 18 of 19

Topic: Limited Resources <=PAGE BACK | PAGE NEXT=>

Supply is directly connected to the scarcity problem, especially limited resources.
  • Scarcity exists because society has limited resources, but unlimited wants and needs.
  • Markets were developed as a means of addressing the problem of scarcity:
    • The supply side of the market comes from the 'limited resources' side of the scarcity problem.
    • The demand side of the market comes from the 'unlimited wants and needs' side of the scarcity problem.

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PAPER ECONOMY

Markets, exchanges, and other assorted economic activities that deal with legal or paper claims on physical assets rather than the physical assets. The vast majority of activities for the paper economy take place through financial markets. The paper economy complements production and consumption activities of the real economy that involve product markets and resource markets.

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for small children selling products door-to-door.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"Experience keeps a dear school, but fools will learn in no other. "

-- Benjamin Franklin

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