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What is a price system in economics?

A price system is a mechanism in economics by which goods, services, and resources are allocated among producers and consumers through a process of valuation. It can be thought of as a way in which economic activity is organized through the guidance and influence of decisions of producers, consumers, and resource owners.

Why is price important in a market system?

The price of goods plays a crucial role in determining an efficient distribution of resources in a market system. Price acts as a signal for shortages and surpluses which help firms and consumers respond to changing market conditions. If a good is in shortage – price will tend to rise.

What is an example of a price system?

There are many examples of price systems in the modern economy. An example of a free price system is the market for apparel such as clothes and shoes where prices are determined by the forces of supply and demand.

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