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:
“If you know some other way that I can be honest with you, you gotta tell me.”
—Richard Price (b. 1949)
“In nothing was slavery so savage and relentless as in its attempted destruction of the family instincts of the Negro race in America. Individuals, not families; shelters, not homes; herding, not marriages, were the cardinal sins in that system of horrors.”
—Fannie Barrier Williams (1855–1944)