Web Note 3.1: What Are Markets?

Economists dwell at length on market systems and on market forces, but we too rarely look at the nuts and bolts of markets themselves. Perhaps we avoid them because the variety is overwhelming and almost impossible to categorize. Any physical or institutional structure through which buyers and sellers meet can be a market. Here are a few.

Local Markets, Face to Face: These include local farmers markets and craft markets, such as Seattle's Pike Place Market, or the markets of Chinchero, Peru.

Local Markets for Cars, Apartments, Jobs, etc.: For these we usually turn to the classified ad sections of our local newspapers, which are now often found online.

Markets for Financial Assets: These include stock markets like the NASDAQ, bond markets, and commodity future markets like the Chicago Board of Trade.

Online Markets: Increasingly, there are markets that exist only online, such as E-Bay.

Web Note 3.2: Starting a Business

Although government and business are often characterized as being in constant conflict with each other, many—if not most—government functions in the United States are supportive of business.

One government agency—the Small Business Administration—provides the prospective entrepreneur with volumes of advice on Starting Your Business. And for the already existing small business, the Small Business Administration offers plenty of information on financing its expansion.

Web Note 3.3: Government Web Sites

The good news is that most of the government-related information you might need is on the Web. The bad news is that it is often difficult to find. These sites may help.

Federal Government Web Sites: The University of Michigan Document Center maintains an extensive guide to Federal Government Resources on the Web.

State and Local Governments: When entering the name of the government or government agency in a search engine doesn't work, try the Library of Congress Guide to State and Local Governments.