purchase the other goods and services that they need. In short, specialization requires trade.

You do not have to know anything about electronics or sound systems to play music—you just buy an iPod or

MP3 player, download the music, and listen. You do not have to know anything about artificial fibers or the

construction of sewing machines if you need a jacket—you just buy the jacket and wear it. You do not need to

know anything about internal combustion engines to operate a car—you just get in and drive. Instead of trying

to acquire all the knowledge and skills involved in producing all of the goods and services that you wish to

consume, the market allows you to learn a specialized set of skills and then use the pay you receive to buy the

goods and services you need or want. This is how our modern society has evolved into a strong economy.
14 1 • Welcome to Economics!

Why Study Economics?
{"batch_upload": true, "total_pages": 597, "source": "downloads\\business\\economics\\Microeconomics3e.pdf", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "producer": "Prince 14.2 (www.princexml.com)", "title": "Principles of Microeconomics 3e", "file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "creationdate": "2022-12-07T14:15:44-06:00", "uploaded_via": "batch_uploader", "file_size_mb": 26.99, "creator": "PDFMiner", "file_name": "Microeconomics3e.pdf", "file_type": ".pdf", "upload_timestamp": "2026-02-07T15:37:44.339247", "moddate": "2022-12-07T14:23:05-06:00"}