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    [There is more to being a merchant than maths,] Enid explained patiently for the hundredth time.

    [But… but… if the numbers line up, it’s a good trade… isn’t it?]

    [Yes, of course the numbers are the foundation. Buy low, sell high, margins, markups, scarcity, we’ve talked about all that. However, if all that was required to be a good merchant was to be good with numbers, then mathematicians would be the richest people on Pangera. They aren’t, by the way.]

    The hatchling looked a little despondent, but Enid remained placid, nibbling on a biscuit as they conversed in her sitting room.

    It had been weeks since they’d started this routine. Enid was pleased with her new student’s attitude. She hadn’t been sure what to expect from an ant who wanted to be a merchant, but it hadn’t been… this. The hatchling was attentive, inquisitive, had a good sense for numbers and possessed a genuine passion for commerce behind her compound eyes.

    Which was the most surprising thing. The Colony, as a whole, had absolutely no interest in commercial activities of any kind, to the point that they’d brought her in, a rural merchant from a backwater kingdom, to negotiate on their behalf with a brathian conglomerate!

    What it was about this particular ant that caused her to take an interest, she had no idea, but it was a pleasant surprise.

    [I don’t understand,] the hatchling groaned.

    This was the first major sticking point that they’d run into. The hatchling had a logical mind, an understanding of cause and effect. She’d already developed a working understanding of market forces on her own, without having any sort of teacher at all. Remarkable.

    Yet this was something that she just didn’t seem to be able to grasp.

    [Connections, reputation, trust. There are so many factors that go into a successful deal other than the price.]

    [Of course, quality is an important factor, not only price.]

    Enid put her cup down.

    [Let’s imagine there are two different traders, both offering the same item for sale. The price is identical, and they are sourced from the same vendor. Who do you buy from?]


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    The hatchling considered the question, antennae waggling through the air.

    [Either,] she said finally. [There is no meaningful difference between the two, so the decision is arbitrary.]

    Enid shook her head.

    [Wrong,] she hummed. [It turns out one of the merchants has a poor reputation in the local community. Two summers ago, they were found to have cheated some locals out of a few silver. You can’t be sure they haven’t interfered with the goods.]

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