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Why does no one know how to make a pencil

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Question: The second most important economist of the 20th Century (in terms of influence) was Milton Friedman. In his lecture (video below) he explains that no one actually knows how to make a pencil, which will probably sound strange to most. First, please view the video, which is on YouTube at: Lesson of the PencilLinks to an external site. . Watch from about the 0:40 second point to approximately 6:00 minutes and answer all of the following questions: Why does no one know how to make a pencil? What is the 'miracle' that allows pencils to be made (in your response you should use/define the following terms: specialization, self-interest, competition, mutual gains from trade, market coordination, and the price mechanism. Would it be more difficult for a command economy to make a pencil? Why?

Reference no: EM133574251

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