But it takes at least two to explain how it all happens:
From: the Microeconomics course at MRUniversity.com
Have you ever wondered how we have access to fresh roses each Valentine's Day in chilly cities where roses couldn't possibly grow?
In a new video (I, Rose) from MRUniversity’s Microeconomics course, we’ll take you around the world for a glimpse at the rose growers and distributors who bring us affordable roses every February.
The second video in this section (A Price is a Signal Wrapped up in an Incentive) shows the invisible hand at work as we discuss how the flower industry responded to the 1970s oil crisis.
We'll also address questions such as:
- How does the price of oil affect the price of candy bars?
- What is the "great economic problem" and which is better at solving it -- central planning or the price system?
- Is speculation actually useful to the market process?
- What are prediction markets? Can they be useful in predicting elections? What about predicting the popularity of Hollywood films?