22 lines
620 B
Markdown
22 lines
620 B
Markdown
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<!-- generated: provider=openrouter model=arcee-ai/trinity-large-preview:free date=2026-02-19 source=book-1-chapter-05 -->
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# Higgling and Bargaining of the Market
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## Definition
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The process of negotiation and price discovery through which market participants adjust prices based on their perceptions of value, difficulty of production, and relative scarcity.
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## Source Chapter
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Book I, Chapter 5
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## Context
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Smith uses this phrase to describe how the market, through its natural processes of negotiation, arrives at prices that reflect the relative value of different commodities.
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## Economic Domain
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Exchange
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---
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