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starts long before the start of school, and one that should be an integral part of one’s entire life. `
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Schooling, on the other hand, is a specific, formalized process, whose general pattern varies little from ZwrYs s
one setting to the next. Throughout a country, children arrive at school at approximately the same
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time, take assigned seats, are taught by an adult, use similar textbooks, do homework, take exams, ,HO/Q6;N
and so on. The slices of reality that are to be learned, whether they are the alphabet or an
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understanding of the working of government, have usually been limited by the boundaries of the j 8A R#
subject being taught. For example, high school students know that there not likely to find out in their 0}C}\1
classes the truth about political problems in their communities or what the newest filmmakers are _j<M}
experimenting with. There are definite conditions surrounding the formalized process of schooling. o?hw2-mH
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Prices determine how resources are to be used. They are also the means by which products and 0YRYCO$
services that are in limited supply are rationed among buyers. The price system of the United States is /%'7sx[p
a complex network composed of the prices of all the products bought and sold in the economy as well !Kqj
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as those of a myriad of services, including labor, professional, transportation, and public-utility services. NP`ll0s
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 7n/I'r
depend more or less upon everything else. %z_b/yG
If one were to ask a group of randomly selected individuals to define “price”, many would reply that sWzXl~JbF
price is an amount of money paid by the buyer to the seller of a product or service or, in other words >d[vHyA~!D
that price is the money values of a product or service as agreed upon in a market transaction. This /F Z )ej\
definition is, of course, valid as far as it goes. For a complete understanding of a price in any D(?#oCCA
particular transaction, much more than the amount of money involved must be known. Both the buyer w|*G`~l09
and the seller should be familiar with not only the money amount, but with the amount and quality of U.} =j'Us+
the product or service to be exchanged, the time and place at which the exchange will take place and 4KB?g7_*
payment will be made, the form of money to be used, the credit terms and discounts that apply to the *Z(C' )7r
transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. e%7P$.
In other words, both buyer and seller should be fully aware of all the factors that comprise the total ZlXs7
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“package” being exchanged for the asked-for amount of money in order that they may evaluate a S(s~4(o>8
given price. 8j +;Xlh
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