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Markets are, in general, an invaluable tool for promoting human well-being. It’s very easy to forget that whenever two people enter into an economic exchange, it’s because they both expect to be better off as a result of this exchange than they would have been without it. But it is false to claim, on this basis, that the more our society relies upon competitive markets to organize the production and distribution of goods and services, the better off we will be. Sometimes moving closer to the ideal of perfect competition will make us better off, but sometimes it won’t.
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A market is a group of buyers and sellers of a particular good or service. The buyers as a group determine the demand for the product, and the sellers as a group determine the supply of the product. Markets take many forms. Some markets are highly organized, such as the markets for many agricultural commodities. In these markets, buyers and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales. More often, markets are less organized.
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The individual is forced into circumstances where he or she must discover his/her own way of life without any help at all. The communities in which modern man now lives are two, school and the workplace, and these, far from giving support and rest, are responsible for severe and ceaseless competition. Given such circumstances, isn't it possible to understand why people would want to escape from it all and make a trial of joining some community that would provide them with a model for living?
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