What is the Market Place exactly? Economic Origami and how the market place is like a football field

First the Economic Origami First fold your paper in thirds like you are folding a letter. (count down 9 lines from the open space on the top and fold on that 9 th line please) Then fold the bottom edge of the paper into that fold

Just unfold and You now have 3 football fields to play with We will look at three ways to compare the marketplace to a football game: 1.The field itself and its players 2.The action on the field 3.How to get on the field in the first place

Part two the end zones Next measure for three end zones down the right side of your 1.25 inches from the right edge.

Make this in the middle of the first football field and title at the top: (Field # 1) Marketplace $ Free Stuff Big Money

Field # 1 and the Players Team 1 The Buyers (Left end zone) Team 2 The Sellers (Right end zone)

Pick a good or service for the second football field and draw a sliding scale at the 50 yard line with prices similar to a 8 pairs of numbers from the candy bar auction. ( field # 2 ) Candy Bar

In field # 2 What does each team want to accomplish on the field?

The Field of Play is where the Good or Services being offered for sale

Market Forces determine the outcome in this football game  The Real Income Effect  How much money you have determines price level in auction for you.  The Substitution Effect  Is there something else I can buy to gain the same utility?  Law of Diminishing Marginal Utility  The more of something (consumer related) I get the less value it has for me.

Can both sides get what they want? Quid Pro Quo (field # 3) Buyers: Goal Cheap Goods & Services Sellers: Goal Massive Profits

Field # 3 How do you actually get on the Field and into the action? BuyersSellers

The Market Place settles these encounters with Market Forces The results of these forces meeting in the market place create the prices we find in our stores QPQ