ABSTRACT
Markets are arrangements through which people exchange goods and services, giving up those things they value less, and gaining those they value more. When people work, they exchange leisure time and effort for food, housing, clothing and other goods they value. By converting their leisure time and effort assets into money, they can exchange for other things of value. In this way we can see money as a device that allows easier use of the market to exchange things we have for things we would value more. As the first three parts of this book have described, in simple markets, such as those for fruit and vegetables, the buyers and sellers are easily identifiable, and are generally well informed. The market can work well with little in the way of rules and regulation. But understanding markets becomes more difficult as the products become more complex and when actors start to include people acting as agents for the consumer or seller.
