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starts long before the start of school, and one that should be an integral part of one’s entire life. o.Oq__ >$H
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one setting to the next. Throughout a country, children arrive at school at approximately the same DyfsTx
time, take assigned seats, are taught by an adult, use similar textbooks, do homework, take exams, Ox qguT ,
and so on. The slices of reality that are to be learned, whether they are the alphabet or an @2
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understanding of the working of government, have usually been limited by the boundaries of the ^e%}[q[>|
subject being taught. For example, high school students know that there not likely to find out in their ?x3Jv<G0*
classes the truth about political problems in their communities or what the newest filmmakers are h^oH^moq<
experimenting with. There are definite conditions surrounding the formalized process of schooling. sDC*J \ X
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Prices determine how resources are to be used. They are also the means by which products and kl} Xmw{tJ
services that are in limited supply are rationed among buyers. The price system of the United States is ,9of(T(~
a complex network composed of the prices of all the products bought and sold in the economy as well >w|*ei:@S
as those of a myriad of services, including labor, professional, transportation, and public-utility services. 0$HmY2
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The interrelationships of all these prices make up the “system” of prices. The price of any particular idc4Cf+4
product or service is linked to a broad, complicated system of prices in which everything seems to 7:Zt uc]
depend more or less upon everything else. {f DTSr?/
If one were to ask a group of randomly selected individuals to define “price”, many would reply that qOy=O
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price is an amount of money paid by the buyer to the seller of a product or service or, in other words s B
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that price is the money values of a product or service as agreed upon in a market transaction. This d]wD[]
definition is, of course, valid as far as it goes. For a complete understanding of a price in any u\1>gDI )|
particular transaction, much more than the amount of money involved must be known. Both the buyer x_MJJ(q 8g
and the seller should be familiar with not only the money amount, but with the amount and quality of #VGjCEeU
the product or service to be exchanged, the time and place at which the exchange will take place and aFj. i8+
payment will be made, the form of money to be used, the credit terms and discounts that apply to the @f1 *eo5f
transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. y\c" b-lQX
In other words, both buyer and seller should be fully aware of all the factors that comprise the total ~DF:lqwWP
“package” being exchanged for the asked-for amount of money in order that they may evaluate a r8/l P}(F
given price. ?GT@puJS-
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