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- Do people need money in order
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Card 19 / 100: Do people need money in order for market prices to form? Explain.
Answer:
No, market prices are simply exchange ratios in trades between different goods. Money is very useful to facilitate trades, but it is not necessary. The Halloween candy example doesn't use money, but it shows how prices form. Sample Partial Credit Answer No, there is barter.
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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