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Welcome to Just Price! Our contestants today are mr. consumer and ms. producer. They have
to guess the price of various items. Now contestants how much do you think this Shakeweightâ„¢
costs? SEELENA PRESENT THE SHAKEWEIGHT!!!!!! Mr. Consumer: Well I would like a fairly low price so I would say $5.
Ms. Producer: No if I produced a nice object like that I would market it at $51.
WHAT IS THE PRICE SEELENA???
YOU ARE ALL WRONG. The price is right in between at $28. This price protects both the consumer
and the producer and is imposed by the government if necessary.
Thanks Seelena but you forgot to mention that this moral view of prices and the economy
clashed with the up and coming free-market. Which had a policy of unregulated supply and
demand which was increasingly favored by government officials, large landowners, and economists
led by the one and only Adam Smith. This clash led to food riots and popular disturbances
in years of poor harvests and soaring prices. People would try to stop wagons with grain
or steal grain from individuals who were accused of hoarding and rigging the market. Governments
were aware of this problem of adequate grain supplies and they would try to control prices
to prevent unrest in crisis years.
Thanks for joining us on Just Price]