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)
“An avant-garde man is like an enemy inside a city he is bent on destroying, against which he rebels; for like any system of government, an established form of expression is also a form of oppression. The avant-garde man is the opponent of an existing system.”
—Eugène Ionesco (b. 1912)