“Every man lives by exchanging.” – Adam Smith
Every week I visit the grocery store and marvel at the variety of foods and goods available. When I used to teach classes to young people on economics, one of the lessons we used was bringing in a bag of food. We would hand out the boxes and cans and look for the country of origin. Once determined, we looked for the company who purchased the good to market to our country.
For example, let us state that the origin of a can of oysters is Chile, the company who bought to oysters to market is in San Francisco, and we found the can of oysters at a grocery store in Chicago. Isn’t this amazing?
Dr. Madsen Pirie‘s series continues as we learn about middlemen. http://www.adamsmith.org/
To continue the series, follow the link. https://hessenflow.wordpress.com/2012/03/22/economics-is-fun-speculation/