Unless you are self-sufficient, you must trade your products for those of others to survive. An exchange economy was established for the efficient survival of humanity. Economic activity leads to wealth accumulation, so for wealth to exist, there must be a counterparty. This means you cannot thrive on your own. However, having many counterparties also means that some of them could compete with your business. Exchange becomes straightforward only through the establishment of a price, which acts as an indicator of competition. Trading at a high price could generate significant wealth, but competition can hinder success. In other words, I survive because of others, while my survival is also threatened by them. Business inherently involves competition. This is why any business plan must include a strategy that considers competition. - Joseph’s “just my thoughts”
The Anchoring Heuristic In 1974, Tversky and Kahneman divided two groups and asked one group to calculate the value of "8x7x6x5x4x3x2x1" and the other group to answer the question "1x2x3x4x5x6x7x8" immediately. The average calculation result of the first group was 2,250, and that of the second group was 512. For both groups, the original answer is 40,320, which is the same. Although they multiplied by the same number, the first group multiplied by the order of the larger number, resulting in a higher baseline adjustment, while the second group did the opposite. When we judge and make decisions, the reference point determines the extent and direction of our illusion. When we live, we have to deal with these fallible human beings. - Joseph's "just my thoughts"