{"id":7010,"date":"2017-08-02T19:45:54","date_gmt":"2017-08-02T19:45:54","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/hccs-macroeconomics-3\/?post_type=chapter&#038;p=7010"},"modified":"2017-08-07T06:00:09","modified_gmt":"2017-08-07T06:00:09","slug":"markets","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/hccs-macroeconomics-3\/chapter\/markets\/","title":{"raw":"Markets","rendered":"Markets"},"content":{"raw":"&nbsp;\r\n<table style=\"width: 900px\">\r\n<tbody>\r\n<tr>\r\n<td>\r\n\r\n[caption id=\"attachment_7017\" align=\"aligncenter\" width=\"450\"]<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02163518\/17385497352_7c71164678_z.jpg\"><img class=\"wp-image-7017\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02163518\/17385497352_7c71164678_z-300x199.jpg\" alt=\"\" width=\"450\" height=\"298\" \/><\/a> Supermarket-Portland, Oregon[\/caption]<\/td>\r\n<td style=\"width: 450px;vertical-align: top\">\r\n<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li>Markets: \u00a0Definition and Purpose<\/li>\r\n<\/ul>\r\n<\/div>\r\n&nbsp;<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n&nbsp;\r\n\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161220\/mkt-mechanism.png\"><img class=\"alignright wp-image-7011 size-medium\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161220\/mkt-mechanism-285x300.png\" alt=\"\" width=\"285\" height=\"300\" \/><\/a>Markets are institutions where <strong>buyers and sellers come together to exchange goods and services<\/strong>; there are many types of markets, physical like a supermarket, virtual like Ebay, local and international and more. \u00a0Markets have two sides: \u00a0the buyers\/consumers who represent the Demand side of the market, and sellers\/producers who represent the Supply side of the market. \u00a0The two sides share <strong>information<\/strong> through markets to help them make critical decisions and meet their needs: \u00a0the buyers gather information about products availability, features and prices while sellers figure out what consumers desire and prefer. \u00a0Overall,\u00a0markets play a crucial role in our economy as they provide a tool to allocate our scarce resources, \u00a0and answer the following critical questions:\r\n<table style=\"width: 825px\">\r\n<tbody>\r\n<tr>\r\n<td style=\"width: 400px;vertical-align: top\">\r\n<ul>\r\n \t<li><strong>Which goods and services<\/strong> do we choose to produce since we do not have enough resources to produce all that we would want? \u00a0What is more important? \u00a0See the graph below for an idea of how, on average, consumers spend their income:<\/li>\r\n<\/ul>\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02190512\/chart-1.png\"><img class=\"aligncenter wp-image-7022\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02190512\/chart-1-290x300.png\" alt=\"\" width=\"338\" height=\"350\" \/><\/a><\/td>\r\n<td style=\"width: 25px\"><\/td>\r\n<td style=\"width: 400px;vertical-align: top\">\r\n<ul>\r\n \t<li>The goods and services that <strong>consumers want<\/strong> and that will generate a <strong>profit for sellers<\/strong>. Markets through supply and demand will help us determine those goods and services that have a high enough demand by consumers and low enough cost for sellers that the resulting market price will bring profit to sellers.<\/li>\r\n \t<li>If a product cost $20 to produce but consumers are only willing to pay $10 for it, that product will not be produced.<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"vertical-align: top\">\r\n<ul>\r\n \t<li><strong>How do we produce those goods and services<\/strong>; which resources do we use? \u00a0How much? \u00a0Less labor? \u00a0More capital?<\/li>\r\n<\/ul>\r\n<\/td>\r\n<td><\/td>\r\n<td style=\"vertical-align: top\">\r\n<ul>\r\n \t<li><strong>Minimizing cost of production<\/strong> in order to maximize profit is a guiding principle for sellers and helps the economy overall use our scarce resources to their maximum potential. \u00a0<span style=\"text-decoration: underline\">Competition<\/span> is an essential feature of markets that provide incentives to firms to lower cost and ensure our resources are used efficiently.<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"vertical-align: top\">\r\n<ul>\r\n \t<li><strong>How do we distribute those goods and services?<\/strong> \u00a0Who gets them?<\/li>\r\n<\/ul>\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02184616\/DSC02577.jpg\"><img class=\"size-medium wp-image-7020 aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02184616\/DSC02577-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/a>\r\n<p style=\"padding-left: 60px\">Car Auction-S. Haci-2015<\/p>\r\n<\/td>\r\n<td><\/td>\r\n<td style=\"vertical-align: top\">\r\n<ul>\r\n \t<li>Consumers (the demand) determine whether they are <strong>willing and able to pay for the goods and services produced based on personal preferences and income level<\/strong>. \u00a0In some cases, governments decide on the distribution of goods and services such as public education and social services, but the allocation through markets is based on preferences and ability to pay.<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nThe interaction of buyers and sellers through markets helps us organize the economy efficiently and achieve some social welfare. \u00a0Next, the <strong>model of Supply and Demand<\/strong> describes consumers and sellers behavior based on <strong>price<\/strong> which is a crucial element in the decision process for both groups.\r\n\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161223\/Role-of-price.png\"><img class=\"aligncenter wp-image-7012\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161223\/Role-of-price-300x222.png\" alt=\"\" width=\"450\" height=\"334\" \/><\/a>","rendered":"<p>&nbsp;<\/p>\n<table style=\"width: 900px\">\n<tbody>\n<tr>\n<td>\n<div id=\"attachment_7017\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02163518\/17385497352_7c71164678_z.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-7017\" class=\"wp-image-7017\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02163518\/17385497352_7c71164678_z-300x199.jpg\" alt=\"\" width=\"450\" height=\"298\" \/><\/a><\/p>\n<p id=\"caption-attachment-7017\" class=\"wp-caption-text\">Supermarket-Portland, Oregon<\/p>\n<\/div>\n<\/td>\n<td style=\"width: 450px;vertical-align: top\">\n<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li>Markets: \u00a0Definition and Purpose<\/li>\n<\/ul>\n<\/div>\n<p>&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161220\/mkt-mechanism.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-7011 size-medium\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161220\/mkt-mechanism-285x300.png\" alt=\"\" width=\"285\" height=\"300\" \/><\/a>Markets are institutions where <strong>buyers and sellers come together to exchange goods and services<\/strong>; there are many types of markets, physical like a supermarket, virtual like Ebay, local and international and more. \u00a0Markets have two sides: \u00a0the buyers\/consumers who represent the Demand side of the market, and sellers\/producers who represent the Supply side of the market. \u00a0The two sides share <strong>information<\/strong> through markets to help them make critical decisions and meet their needs: \u00a0the buyers gather information about products availability, features and prices while sellers figure out what consumers desire and prefer. \u00a0Overall,\u00a0markets play a crucial role in our economy as they provide a tool to allocate our scarce resources, \u00a0and answer the following critical questions:<\/p>\n<table style=\"width: 825px\">\n<tbody>\n<tr>\n<td style=\"width: 400px;vertical-align: top\">\n<ul>\n<li><strong>Which goods and services<\/strong> do we choose to produce since we do not have enough resources to produce all that we would want? \u00a0What is more important? \u00a0See the graph below for an idea of how, on average, consumers spend their income:<\/li>\n<\/ul>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02190512\/chart-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7022\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02190512\/chart-1-290x300.png\" alt=\"\" width=\"338\" height=\"350\" \/><\/a><\/td>\n<td style=\"width: 25px\"><\/td>\n<td style=\"width: 400px;vertical-align: top\">\n<ul>\n<li>The goods and services that <strong>consumers want<\/strong> and that will generate a <strong>profit for sellers<\/strong>. Markets through supply and demand will help us determine those goods and services that have a high enough demand by consumers and low enough cost for sellers that the resulting market price will bring profit to sellers.<\/li>\n<li>If a product cost $20 to produce but consumers are only willing to pay $10 for it, that product will not be produced.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n<ul>\n<li><strong>How do we produce those goods and services<\/strong>; which resources do we use? \u00a0How much? \u00a0Less labor? \u00a0More capital?<\/li>\n<\/ul>\n<\/td>\n<td><\/td>\n<td style=\"vertical-align: top\">\n<ul>\n<li><strong>Minimizing cost of production<\/strong> in order to maximize profit is a guiding principle for sellers and helps the economy overall use our scarce resources to their maximum potential. \u00a0<span style=\"text-decoration: underline\">Competition<\/span> is an essential feature of markets that provide incentives to firms to lower cost and ensure our resources are used efficiently.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n<ul>\n<li><strong>How do we distribute those goods and services?<\/strong> \u00a0Who gets them?<\/li>\n<\/ul>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02184616\/DSC02577.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-7020 aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02184616\/DSC02577-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/a><\/p>\n<p style=\"padding-left: 60px\">Car Auction-S. Haci-2015<\/p>\n<\/td>\n<td><\/td>\n<td style=\"vertical-align: top\">\n<ul>\n<li>Consumers (the demand) determine whether they are <strong>willing and able to pay for the goods and services produced based on personal preferences and income level<\/strong>. \u00a0In some cases, governments decide on the distribution of goods and services such as public education and social services, but the allocation through markets is based on preferences and ability to pay.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The interaction of buyers and sellers through markets helps us organize the economy efficiently and achieve some social welfare. \u00a0Next, the <strong>model of Supply and Demand<\/strong> describes consumers and sellers behavior based on <strong>price<\/strong> which is a crucial element in the decision process for both groups.<\/p>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161223\/Role-of-price.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7012\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161223\/Role-of-price-300x222.png\" alt=\"\" width=\"450\" height=\"334\" \/><\/a><\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-7010\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Car auction photo. <strong>Authored by<\/strong>: S.Haci. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02184616\/DSC02577.jpg\">https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02184616\/DSC02577.jpg<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Market Mechanism slide. <strong>Authored by<\/strong>: S.Haci. <strong>Provided by<\/strong>: HCCS. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161220\/mkt-mechanism.png\">https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161220\/mkt-mechanism.png<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Supply and Demand slide. <strong>Authored by<\/strong>: S.Haci. <strong>Provided by<\/strong>: HCCS. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161223\/Role-of-price.png\">https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02161223\/Role-of-price.png<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Supermarket picture. <strong>Authored by<\/strong>: Franco Folini. <strong>Provided by<\/strong>: Flickr. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/livenature\/17385497352\/in\/photolist-suidEm-WBEXPQ-6Qfn59-7Brtsd-5fH35c-5sAief-Uwx1Sq-opQw7K-bjfTMp-9FgjPS-oN8hvU-sndeMH-kKiAf-johHQ-5iQUf4-4LRd4A-5iQUAP-aS1tHR-xMn4-bzhFx4-9FghWG-aS1qsc-tqzBR-5iVcPh-gDdCq2-9FdoCK-5fMpth-46Rpnp-b4KynX-9FdoTr-7D2v1s-9Fdoox-5dEHoB-4ZjyPj-4NNbPH-56Zvt-7Bo44K-51zmF1-pBRCcq-QzFka7-5iVcso-D33rMe-5iQTNe-4Eajg9-7bf64i-WWESK-qZK7mC-7hE76P-b8hLA-89g59t\">https:\/\/www.flickr.com\/photos\/livenature\/17385497352\/in\/photolist-suidEm-WBEXPQ-6Qfn59-7Brtsd-5fH35c-5sAief-Uwx1Sq-opQw7K-bjfTMp-9FgjPS-oN8hvU-sndeMH-kKiAf-johHQ-5iQUf4-4LRd4A-5iQUAP-aS1tHR-xMn4-bzhFx4-9FghWG-aS1qsc-tqzBR-5iVcPh-gDdCq2-9FdoCK-5fMpth-46Rpnp-b4KynX-9FdoTr-7D2v1s-9Fdoox-5dEHoB-4ZjyPj-4NNbPH-56Zvt-7Bo44K-51zmF1-pBRCcq-QzFka7-5iVcso-D33rMe-5iQTNe-4Eajg9-7bf64i-WWESK-qZK7mC-7hE76P-b8hLA-89g59t<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>Consumer Expenditures graph. <strong>Authored by<\/strong>: Bureau of Labor Statistics. <strong>Provided by<\/strong>: Bureau of Labor Statistics - https:\/\/www.bls.gov\/opub\/ted\/2016\/share-of-total-spending-on-healthcare-increased-from-5-percent-in-1984-to-8-percent-in-2014.htm. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02190512\/chart-1.png\">https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02190512\/chart-1.png<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/pdm\">Public Domain: No Known Copyright<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":18767,"menu_order":1,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Supermarket picture\",\"author\":\"Franco Folini\",\"organization\":\"Flickr\",\"url\":\"https:\/\/www.flickr.com\/photos\/livenature\/17385497352\/in\/photolist-suidEm-WBEXPQ-6Qfn59-7Brtsd-5fH35c-5sAief-Uwx1Sq-opQw7K-bjfTMp-9FgjPS-oN8hvU-sndeMH-kKiAf-johHQ-5iQUf4-4LRd4A-5iQUAP-aS1tHR-xMn4-bzhFx4-9FghWG-aS1qsc-tqzBR-5iVcPh-gDdCq2-9FdoCK-5fMpth-46Rpnp-b4KynX-9FdoTr-7D2v1s-9Fdoox-5dEHoB-4ZjyPj-4NNbPH-56Zvt-7Bo44K-51zmF1-pBRCcq-QzFka7-5iVcso-D33rMe-5iQTNe-4Eajg9-7bf64i-WWESK-qZK7mC-7hE76P-b8hLA-89g59t\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Car auction photo\",\"author\":\"S.Haci\",\"organization\":\"\",\"url\":\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1681\/2017\/08\/02184616\/DSC02577.jpg\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Consumer Expenditures graph\",\"author\":\"Bureau of Labor Statistics\",\"organization\":\"Bureau of Labor Statistics - 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