At the foundation of all economic activity lies production for the purpose of consumption. This extremely simple concept becomes highly complex when it involves the interaction of many actors within markets.
The production of goods serves the sole purpose of providing goods for consumption. The production process may include single or multiple levels. On a single level, producers consume their own products. In multiple levels, producers engage in trade that ultimately delivers goods to consumers.
To fully understand the effectiveness and efficiency of free markets one needs to understand the interconnections of the economic activities of individuals in the market.
This section will expand on the descriptions of economic activities in free markets.
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