Microeconomics Question from Walter E. Williams:Edit

Exchange consists of acts which allow the possibility of trading endowment elements with other members of society-- exchange opportunities only arise in a social context. Production opportunities represent alternative combinations attainable by transformation or dealing with nature. In exchange, the quantity supplied of a commodity must equal quantity taken --i.e., algebraic sum of supply and demand must equal zero for every commodity. Exchange conserves the social totals of commodities. Production alters the social totals, i.e., less of some goods, more of others.


Similar to WEW-009 - Graphs and WEW-014 Social Totals

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