Another important concept in the Finance and Economy of the country is the Free Market. The Free market refers to the deliberate give and take situations that occur in the country (Rothbard). It is born out of the mutual agreement between two parties where in the first party gives the second party something that it wants in exchange for something that the first part wanted (Rothbard). It can be money in exchange for a service or a service in exchange for an item. This occurs for as long as both parties are able to provide the desires of the other. However, it is important to take note that exchange of goods, money and services may still occur even if a party does not have the sufficient and the right items to pay the other. In such situation, a debt occurs. In here, the services, money or goods are given to Party A by Party B while Party B awaits for the time when Party A is now able t...
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... pay it.
• “FRB: What Is the Purpose of the Federal Reserve System?”. Board of Governors of the Federal Reserve System. 4 Feb. 2014. Web. 30 Nov. 2014.
• Rothbard, Murray. "Free Market." The Concise Encyclopedia of Economics. Web. 30 Nov. 2014.
• Amadeo, Kimberly. "3 Reasons Why America Is in Debt." About. About,com, 23 Sept. 2014. Web. 30 Nov. 2014.
• Slemrod, Joel. "Progressive Taxes." The Concise Encyclopedia of Economics. Library of Economics and Liberty. Web. 30 Nov. 2014.
• Chantril, Christopher. "Government Spending Details." : Federal State Local for 2014. Web. 30 Nov. 2014.
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