2000 | OriginalPaper | Buchkapitel
Preliminaries
verfasst von : Prof. Dr. Antonio Villar
Erschienen in: Equilibrium and Efficiency in Production Economies
Verlag: Springer Berlin Heidelberg
Enthalten in: Professional Book Archive
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Most societies organize their economic activity through the functioning of markets. Myriads of individual economic agents make decisions according to their private interests, whose interaction results in an allocation of resources. The production and exchange of commodities is at the centre of the picture: consumers demand commodities and supply labour services, firms produce commodities according to their technological knowledge, and commodities flow among agents by means of an exchange process which is realized through markets and prices.