There are five simple concepts that I would like to introduce to you, as a framework with which to think about those sound bites.
1) The relationship between the price and the total demand by consumers for any commodity or service.
2) The essential elements of the cost of production for any commodity or service demanded by consumers.
3) The relationship between the suppliers cost of production and the price that the supplier demands for what is supplied.
4) The relationship between the price of the commodity or service, and the consumer’s demand and what the supplier is willing to supply at that price.
5) And most importantly for this presentation – what the Free Market Incentives are, and how they function in an open market to provide what the consumers want at the lowest possible cost.
