GUESS THE
PICTURE!
MARKET
GUESS THE
WORD!
UNITED S____
UNITED STATE
MARKET AND
STATE
MARKET
It is an institution comprised of rules for
controlling voluntary transaction under
the parameter of prices.
The market is, therefore, the
organization to coordinate people’s
activities in seeking self-interest and
economic welfare.
STATE
In contrast, the state is an institution
consisting of a set of rule for
governance.
The state has the authority to
conscript resources for its
activities.