Philosophy Archives - Otis Lee https://otislee.com/category/philosophy/ Lawyer & Author Sun, 01 Oct 2023 03:51:33 +0000 en-US hourly 1 The Price System, an Observation https://otislee.com/the-price-system/?utm_source=rss&utm_medium=rss&utm_campaign=the-price-system Tue, 14 Jan 2020 19:22:06 +0000 https://otislee.com/?p=27657 Economists view the price system within the macro economy as a function of supply and demand and market share. Prices can be determined by particular producers who exercise price leadership and market share in a particular industry or in a particular commodity. The allocation of resources and their scarcity is also a factor in determining price. A market mechanism normally is required to determine prices. The dictionary definition of price is “the amount of money needed to purchase an object; the cost at which something is obtained.”

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