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MAN: …the lower the price, the greater the quantity that will be demanded. WOMAN: It’s a law that applies to this and every other market you can think of. 38
Supply, Demand and Price 2. Price and the Producer MAN: “Lovely plums, lovely juicy plums. Get your lovely juicy plums, roll up then, roll up!” We’d learned a lot from the market; in particular we learned how the price of what we had to sell affected the behavior of the people we were trying to sell to, the consumers. We’d found that raising the price reduced the amount people wanted to buy. It acted as a sort of rationing system. WOMAN: Yeah, and on the other hand we’d also found something else. Lowering the price of an item increased the amount people wanted to buy. It acted as an incentive. But the truth is- it isn’t only the consumer whose behavior changes as the price goes up and down. The producer’s behavior changes, too. And our behavior certainly changed, “Alright, come and get it, come and get it! Oh…f<strong>org</strong>et it.” MAN: It all began that day. I’d been out with the children. We’d walked further into the hills than I’ve ever been in my life before. And just guess what we found WOMAN: Hmmm, it really wasn’t the time for guessing games. MAN: A cave! WOMAN: A cave Who wanted to talk about caves when the meal they’d been cooking all morning was stone cold- and the shawls they’d been making all week had to be got ready for the trader. MAN: I asked you if you knew what it was made of. Well Well WOMAN: Who cared what a rotten old cave was made of If you knew that unless we sold the shawls to the trader we’d have no money left for food, hot or cold. MAN: It was made of salt, dear! WOMAN: Oh, what was MAN: The cave! The cave made of salt, I explained, that we could sell salt on the market. I felt sure that we’d do very nicely from it. WOMAN: Oh, who could possibly be so stupid! We already had enough salt to last us for a month. The trader brings sacks full every time he comes. It only costs 10 cents a bowl. We couldn’t possibly compete with his prices. You see, we’d starve unless we could think of something better than that. It was much better to make clothes and blankets. That way we got a decent amount of money for a decent day’s work. You’ve got to admit I’m right! MAN: Yes, but all the same I thought it was worth a try. After all, soon everybody would be wanting to salt down meat and fish for the winter. So, I took my salt to the market next day. But nobody took any notice of my salt. They said it was crazy to try and sell it at that price. I should have known, of course. My wife was quite right. She usually is. WOMAN: Yeah, and since one of us had to earn some money, I took the shawls to the trader. And although we couldn’t sell our salt at our asking price, people needed it badly. There was a crowd waiting 39
Page 1 and 2: TRANSCRIPT 2002 Filmore Avenue Erie
Page 3 and 4: MAN: And everybody seems to be depe
Page 5 and 6: MAN: Don’t worry. It’s bound to
Page 7 and 8: Division of Labor 1: Product MAN: U
Page 9 and 10: WOMAN: The Tailors. MAN: Right! WOM
Page 11 and 12: Division of Labor 2: Process MAN: G
Page 13 and 14: MAN: He says a trader is somebody w
Page 15 and 16: TRADER: Oh, champion. WOMAN: There
Page 17 and 18: WOMAN: And we even managed to put s
Page 19 and 20: WOMAN: It adds up to a surplus. The
Page 21 and 22: MAN: Yes, and as a result: eight fa
Page 23 and 24: MAN: And for all but a few thousand
Page 25 and 26: WOMAN: And they spent all those eve
Page 27 and 28: MAN: Remember that first day The Fi
Page 29 and 30: Money MAN: It worked very well at f
Page 31 and 32: MAN: …time and energy which we ou
Page 33 and 34: MAN: To stop that, they specially m
Page 35 and 36: MAN: Trouble was they were just lik
Page 37: MAN: And there we were at the end o
Page 41 and 42: WOMAN: Yet, the surprising thing wa
Page 43 and 44: MAN: The higher the price offered,
Page 45 and 46: MAN: But would you believe it They
Page 47 and 48: everything. And we saw how hardship

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