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:
“This state is full of these log cabin Abe Lincolns with price tags on ‘em. The louder he yells, the higher his price.”
—Robert Rossen (1908–1966)
“Delight at having understood a very abstract and obscure system leads most people to believe in the truth of what it demonstrates.”
—G.C. (Georg Christoph)