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starts long before the start of school, and one that should be an integral part of one’s entire life. T
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Schooling, on the other hand, is a specific, formalized process, whose general pattern varies little from
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one setting to the next. Throughout a country, children arrive at school at approximately the same 4QIX19{"
time, take assigned seats, are taught by an adult, use similar textbooks, do homework, take exams, ^8AXxE
and so on. The slices of reality that are to be learned, whether they are the alphabet or an ='Y!+
understanding of the working of government, have usually been limited by the boundaries of the In<n& i b
subject being taught. For example, high school students know that there not likely to find out in their `6]%P(#a
classes the truth about political problems in their communities or what the newest filmmakers are vbC\?\ _
experimenting with. There are definite conditions surrounding the formalized process of schooling. jGpN,/VQa
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Prices determine how resources are to be used. They are also the means by which products and |m^k_d!d
services that are in limited supply are rationed among buyers. The price system of the United States is nwF2aR
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a complex network composed of the prices of all the products bought and sold in the economy as well =pS5uR~
as those of a myriad of services, including labor, professional, transportation, and public-utility services. v{ 0=
The interrelationships of all these prices make up the “system” of prices. The price of any particular lrI
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product or service is linked to a broad, complicated system of prices in which everything seems to A|X">,A
depend more or less upon everything else. ;
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If one were to ask a group of randomly selected individuals to define “price”, many would reply that 8{^WY7.'
price is an amount of money paid by the buyer to the seller of a product or service or, in other words !y@NAa0
that price is the money values of a product or service as agreed upon in a market transaction. This H1QJ k_RL
definition is, of course, valid as far as it goes. For a complete understanding of a price in any QD:{U8YbF$
particular transaction, much more than the amount of money involved must be known. Both the buyer jU9$Ehg
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and the seller should be familiar with not only the money amount, but with the amount and quality of 5
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the product or service to be exchanged, the time and place at which the exchange will take place and N`L0Vd
payment will be made, the form of money to be used, the credit terms and discounts that apply to the o7sT=x9
transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. ymx>i~>7J
In other words, both buyer and seller should be fully aware of all the factors that comprise the total ['B?i1 .
“package” being exchanged for the asked-for amount of money in order that they may evaluate a Py @wJEo
given price. VcSV u
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