Markets: Do They Serve Our Needs?

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The return of U.S. troops from overseas following World War II created a massive demand for cheap housing. Rising labor and energy costs in the United States in the '60s and '70s forced domestic steel manufacturer NUCOR to find ways to lower production costs. In 2009, rookie pitcher phenomenon Stephen Strasburg signed the largest rookie contract in baseball history. These stories show how a well-functioning free market pricing system determines how producers manufacture goods, what they will pay, what goods will be manufactured, and for whom the goods will be produced.

Find additional resources, including primary source materials, interactives, and downloadable print materials, at: http://www.learner.org/series/econusa/unit01/

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00:28