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eduard
3 years ago
10

Do all markets function the same way around the world?

Business
1 answer:
Alika [10]3 years ago
7 0
Well honestly, markets are how people function; markets don’t function, people do.

We speak of the “functioning of markets” as a shorthand, a figure of speech because abstracting human behavior to the behavior of a system is useful, as long as we don’t forget that it is an abstraction and not a real thing.

This is the same when we speak of “the roar of the crowd” even though people roar, not crowds. It just takes too long to write “the noise of the people in the crowd roaring at the same time”.

It is easier to write “the functioning of the market” than “what happens as people interact with each other.” Markets are the interactions of people .

So, do people behave and interact the same way around the world? Obviously not. Are the results the same? Yes they are: people serve each other and, in the process, create wealth. But both wealth and service vary by culture.

If that makes sense... anyway, have a nice night!
~Brooke❤️
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The price elasticity supply of doctors could be considered ________ because it takes a minimum of four to six years of training
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<h3>What is supply?</h3>

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1 year ago
In September 2008, the stock market fell sharply and continued to perform poorly due to the financial crisis. How did this chang
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Many people's wealth is held in stocks and as the price of stocks collapsed, they lost wealth.

Imagine that this happened to you. One day you are rich and that affects your spending habits. In a matter of few days or weeks, you lose a large portion of your wealth. So now, you are less rich or even poor. So your spending habits will be altered, i.e. you will spend less.

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<h3>What is the psychological contract?</h3>
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