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starts long before the start of school, and one that should be an integral part of one’s entire life. X
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Schooling, on the other hand, is a specific, formalized process, whose general pattern varies little from Wr@q+Whq
one setting to the next. Throughout a country, children arrive at school at approximately the same `YY07(
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time, take assigned seats, are taught by an adult, use similar textbooks, do homework, take exams, kZ;Y/DH
and so on. The slices of reality that are to be learned, whether they are the alphabet or an ?69E _E
understanding of the working of government, have usually been limited by the boundaries of the dXPTW;w
subject being taught. For example, high school students know that there not likely to find out in their Wngc(+6O&
classes the truth about political problems in their communities or what the newest filmmakers are y Ni3@f
experimenting with. There are definite conditions surrounding the formalized process of schooling. L#WGOl
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Prices determine how resources are to be used. They are also the means by which products and 8K@e8p( y
services that are in limited supply are rationed among buyers. The price system of the United States is ,4k3C#!. i
a complex network composed of the prices of all the products bought and sold in the economy as well E2tUL#
as those of a myriad of services, including labor, professional, transportation, and public-utility services. 0>"y)T3
The interrelationships of all these prices make up the “system” of prices. The price of any particular pU<GI@gU
product or service is linked to a broad, complicated system of prices in which everything seems to %q.5; L
depend more or less upon everything else. A8k $ .E
If one were to ask a group of randomly selected individuals to define “price”, many would reply that 5=fS^]- F
price is an amount of money paid by the buyer to the seller of a product or service or, in other words ^Nt^.xi7
that price is the money values of a product or service as agreed upon in a market transaction. This $oJjgA xcZ
definition is, of course, valid as far as it goes. For a complete understanding of a price in any ^F- 2tc
particular transaction, much more than the amount of money involved must be known. Both the buyer Ba t@
and the seller should be familiar with not only the money amount, but with the amount and quality of Y5P9z{X=
the product or service to be exchanged, the time and place at which the exchange will take place and HG)$ W
payment will be made, the form of money to be used, the credit terms and discounts that apply to the 3HNm`b8G4m
transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. ;Zc0imYL
In other words, both buyer and seller should be fully aware of all the factors that comprise the total :;IZ|hU
“package” being exchanged for the asked-for amount of money in order that they may evaluate a 6 G(K8Q{>
given price. FbH@qHSH
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