According to
McMillan, “a market for something exists if there are people who want to buy it
and people who want to sell it.”
However, both the buyer and seller must see eye-for-eye in order for the
exchange of the good to be successful.
The majority of the time, a good exchange cannot always be made
face-to-face, and other methods have to be utilized. In order for a buyer and seller to come into
contact with another, technology acts as the catalyst to speed up the exchange
of the good in the marketplace.
Transportation, telecommunications, and computers are all technological
methods that are utilized in order to make a successful transaction. According to McMillan, “the internet has
transformed markets by allowing exchanges between buyers and sellers” from
around the globe. It is technology that
serves as the driving force that links both parties together (buyer and
seller).
Some people view markets as a source
of “exploitation and poverty”, while others view them as the “font of liberty
and prosperity.” Both opinions appear to
be evident in our lives. The poor
individuals want to buy goods that they cannot afford rather than buying goods
that will allow them to survive. Others
have the option of buying leisure goods because they have additional money that
they can support themselves and their families with. Some people distrust the market because the
prices of goods become too high, and the customers cannot afford these good
because of their job circumstances.
Also, some people distrust the government control over economic
decisions because the government doesn’t provide enough jobs to assist the
unemployed. However, I believe that in
order to keep the economy going, individuals should only buy what they can
afford. Everyone has an equal chance at
making something of their lives in the marketplace and the decision is totally up
to them.
McMillan
uses folk football as an analogy for a lawless market and claims that modern
markets are governed by rules. In order
for modern markets to be successful, rules must be placed and attained. Keeping the price of the goods at a
reasonable price is the primary rule for a business to run. This will not only make the buyers
satisfactory, but will also allow the company to prosper as well. Moreover, proposing deals for the goods will
further attract these customer’s interests too.
In addition, the rule of trust is another component that is essential
for a successful marketplace. The owner
has to trust that the manager and other employees are doing their jobs
efficiently and effectively. By
providing rules for a market, this provides structure for the market so that
the business is not a “free-for-all” battle like folk football. Business and marketplaces must be run in an
organized fashion in order to be successful in this world.
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