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Summary of Chapters: Labor Cost, Supply and Demand, and Utility
Throughout reading the first four chapters, I realized that every single roll (component) and system has to be balanced in order to form the market, the economy. So to create a market, something has to be produced to sell, and somebody has to purchase what has produced. Before producing a product, one must resolve three critical questions about the use of its scarce resources: What, how, and for whom to produce. Then to produce a product, first basic four factors are need: Land, Labor, Capital, and Entrepreneurship.
In chapter 2, I learned about U.S. economy. …
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