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Topic Content:
- Definition of Price System
- Functions of Price System
- Importance of Price System
- Evaluation Questions
Definition of Price System:
Price system is a component of any economic system, that uses prices expressed in any form of money, for the valuation and distribution of goods and services, and the factors of production, to determine the rate at which goods and services are produced, distributed, and exchanged.
It can also be referred to as the Price mechanism.
The prices are fixed by buyers and sellers through negotiation. Price in a perfect market is determined by
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