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starts long before the start of school, and one that should be an integral part of one’s entire life. wM[Z 0*K
Schooling, on the other hand, is a specific, formalized process, whose general pattern varies little from Kn$t_7AF^
one setting to the next. Throughout a country, children arrive at school at approximately the same 00IW 9B-
time, take assigned seats, are taught by an adult, use similar textbooks, do homework, take exams, fcp_<2KH
and so on. The slices of reality that are to be learned, whether they are the alphabet or an ~rI2 RJ
understanding of the working of government, have usually been limited by the boundaries of the 8h)7K/!\
subject being taught. For example, high school students know that there not likely to find out in their "
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classes the truth about political problems in their communities or what the newest filmmakers are E3p$^['vx
experimenting with. There are definite conditions surrounding the formalized process of schooling. lE%
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Prices determine how resources are to be used. They are also the means by which products and xc-[g t6
services that are in limited supply are rationed among buyers. The price system of the United States is 9 a@S^B>
a complex network composed of the prices of all the products bought and sold in the economy as well q;QasAQS`p
as those of a myriad of services, including labor, professional, transportation, and public-utility services. GMZ6 dK
The interrelationships of all these prices make up the “system” of prices. The price of any particular I
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product or service is linked to a broad, complicated system of prices in which everything seems to $<=d[ 6
depend more or less upon everything else. 0FL'8!e<
If one were to ask a group of randomly selected individuals to define “price”, many would reply that :{S@KsPqE
price is an amount of money paid by the buyer to the seller of a product or service or, in other words @\gE{;a8
that price is the money values of a product or service as agreed upon in a market transaction. This EJz!#f~
definition is, of course, valid as far as it goes. For a complete understanding of a price in any LZG(T$d I
particular transaction, much more than the amount of money involved must be known. Both the buyer b^<7a&
and the seller should be familiar with not only the money amount, but with the amount and quality of Nf* .r
the product or service to be exchanged, the time and place at which the exchange will take place and [gi w(4m#y
payment will be made, the form of money to be used, the credit terms and discounts that apply to the $L|+Z>x
transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. ;D-k\kv
In other words, both buyer and seller should be fully aware of all the factors that comprise the total uk
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“package” being exchanged for the asked-for amount of money in order that they may evaluate a 9 X
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given price. VR_/Vh ]@
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