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starts long before the start of school, and one that should be an integral part of one’s entire life. bvT$/ (7
Schooling, on the other hand, is a specific, formalized process, whose general pattern varies little from -.Z
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one setting to the next. Throughout a country, children arrive at school at approximately the same JZqJ&
time, take assigned seats, are taught by an adult, use similar textbooks, do homework, take exams, GZmfE`
and so on. The slices of reality that are to be learned, whether they are the alphabet or an _9S"rH[
understanding of the working of government, have usually been limited by the boundaries of the #.LI `nYA
subject being taught. For example, high school students know that there not likely to find out in their VI.Cmw~S
classes the truth about political problems in their communities or what the newest filmmakers are g$z6 *bL
experimenting with. There are definite conditions surrounding the formalized process of schooling. +5% ncSJx
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Prices determine how resources are to be used. They are also the means by which products and <JW %h :\t
services that are in limited supply are rationed among buyers. The price system of the United States is :GM3n
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a complex network composed of the prices of all the products bought and sold in the economy as well ^>z+e"PQA
as those of a myriad of services, including labor, professional, transportation, and public-utility services. Uu|R]azbO
The interrelationships of all these prices make up the “system” of prices. The price of any particular 98CS|NE e
product or service is linked to a broad, complicated system of prices in which everything seems to i,l$1g-i
depend more or less upon everything else. X$_z"t
If one were to ask a group of randomly selected individuals to define “price”, many would reply that W H. 3
price is an amount of money paid by the buyer to the seller of a product or service or, in other words t
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that price is the money values of a product or service as agreed upon in a market transaction. This |doG}C
definition is, of course, valid as far as it goes. For a complete understanding of a price in any VrJf g
particular transaction, much more than the amount of money involved must be known. Both the buyer mS+sh'VH
and the seller should be familiar with not only the money amount, but with the amount and quality of f~f)6XU|
the product or service to be exchanged, the time and place at which the exchange will take place and /7WdG)'
payment will be made, the form of money to be used, the credit terms and discounts that apply to the $WsyAUl
transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. W O'nW
In other words, both buyer and seller should be fully aware of all the factors that comprise the total IJLuu@kRm,
“package” being exchanged for the asked-for amount of money in order that they may evaluate a [u^ ~ND '
given price. e8k|%m<Sp
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