The Definition of "Price".
Prices determine how resources are to be used. They are also the means by which products and services that are in limited supply are retained among buyers. The price system of the United States is a complex network composed of the prices of all the products brought and sold in the economy as well as those of a myriad of services, including labor, professional, transportation, and public-utility services. The interrelationships of all these prices make up the "system" of prices. The price of any particular product or service is linked to a broad, complicated system of prices in which everyt…
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