Price System

In economics, a price system is any economic system that affects its distribution of goods and services with prices and employing any form of money. Except for possible remote and primitive communities, all modern societies use price systems to allocate resources. However, price systems are not used exclusively for all resource allocation decisions.

Read more about Price System:  Fixed Price Versus Free Price Systems, History, Friedrich A. Hayek On The Price System

Famous quotes containing the words price and/or system:

    ... work is only part of a man’s life; play, family, church, individual and group contacts, educational opportunities, the intelligent exercise of citizenship, all play a part in a well-rounded life. Workers are men and women with potentialities for mental and spiritual development as well as for physical health. We are paying the price today of having too long sidestepped all that this means to the mental, moral, and spiritual health of our nation.
    Mary Barnett Gilson (1877–?)

    Authority is the spiritual dimension of power because it depends upon faith in a system of meaning that decrees the necessity of the hierarchical order and so provides for the unity of imperative control.
    Shoshana Zuboff (b. 1951)