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starts long before the start of school, and one that should be an integral part of one’s entire life. 90D.G_45
Schooling, on the other hand, is a specific, formalized process, whose general pattern varies little from baG I( Dk
one setting to the next. Throughout a country, children arrive at school at approximately the same Z9bP j8d
time, take assigned seats, are taught by an adult, use similar textbooks, do homework, take exams, o7B+f
and so on. The slices of reality that are to be learned, whether they are the alphabet or an ')~HOCBSE
understanding of the working of government, have usually been limited by the boundaries of the :b)@h|4
subject being taught. For example, high school students know that there not likely to find out in their e$I:[>
classes the truth about political problems in their communities or what the newest filmmakers are HXo'^^}q;
experimenting with. There are definite conditions surrounding the formalized process of schooling. hV>Ey^Ty
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Definition
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Prices determine how resources are to be used. They are also the means by which products and Fd'L:A~
services that are in limited supply are rationed among buyers. The price system of the United States is ] UTP~2
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a complex network composed of the prices of all the products bought and sold in the economy as well <{j9|mt
as those of a myriad of services, including labor, professional, transportation, and public-utility services. qpCi61lTDJ
The interrelationships of all these prices make up the “system” of prices. The price of any particular _:
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product or service is linked to a broad, complicated system of prices in which everything seems to _bsfM;u.%
depend more or less upon everything else. GV/FK{v5
If one were to ask a group of randomly selected individuals to define “price”, many would reply that 9!h+LGs(,
price is an amount of money paid by the buyer to the seller of a product or service or, in other words .quc i(D
that price is the money values of a product or service as agreed upon in a market transaction. This PX'%)5:q;i
definition is, of course, valid as far as it goes. For a complete understanding of a price in any Atw^C+"vW&
particular transaction, much more than the amount of money involved must be known. Both the buyer h#9)M
and the seller should be familiar with not only the money amount, but with the amount and quality of Z O^ +KE"
the product or service to be exchanged, the time and place at which the exchange will take place and @"0qS:s]X
payment will be made, the form of money to be used, the credit terms and discounts that apply to the LA5rr}<K
transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. !b=$F OC>
In other words, both buyer and seller should be fully aware of all the factors that comprise the total 2"T&Fp<
“package” being exchanged for the asked-for amount of money in order that they may evaluate a X:5*LB\/v
given price. 5`Z#m:+u
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