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:
“Money won is twice as sweet as money earned.”
—Richard Price (b. 1949)
“Never expect any recognition here—the system prohibits it. The cross is not affixed to the genius, no, the genius is affixed to the cross.”
—Franz Grillparzer (1791–1872)
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