Part 1: Key Concepts
5 | Trade
The fundamental market relationship is a trading relationship: people exchanging services on mutually agreeable terms.
6 | Resources
A resource is anything that can be put to use. Resources are always a function human appraisal, and human creativity determines what becomes a resource instead of remaining a thing.
8 | Institutions
An institution is a framework for interacting. Norms, laws, and customs evolve to help people know what to expect from each other.