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starts long before the start of school, and one that should be an integral part of one’s entire life. {S'xZ._=
Schooling, on the other hand, is a specific, formalized process, whose general pattern varies little from ]Tx8ImD#)A
one setting to the next. Throughout a country, children arrive at school at approximately the same s n}U4=u
time, take assigned seats, are taught by an adult, use similar textbooks, do homework, take exams, FC.y%P,
and so on. The slices of reality that are to be learned, whether they are the alphabet or an !3kyPoq+
understanding of the working of government, have usually been limited by the boundaries of the 0 #VH=p ga
subject being taught. For example, high school students know that there not likely to find out in their UF|v=|*{#
classes the truth about political problems in their communities or what the newest filmmakers are R`:Y&)c_$
experimenting with. There are definite conditions surrounding the formalized process of schooling. #J\
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Prices determine how resources are to be used. They are also the means by which products and cr27q6_
services that are in limited supply are rationed among buyers. The price system of the United States is =L
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a complex network composed of the prices of all the products bought and sold in the economy as well KNic$: i
as those of a myriad of services, including labor, professional, transportation, and public-utility services. : N> 5{
The interrelationships of all these prices make up the “system” of prices. The price of any particular TMhUo#`I|
product or service is linked to a broad, complicated system of prices in which everything seems to CGbW] D$@
depend more or less upon everything else. Hd
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If one were to ask a group of randomly selected individuals to define “price”, many would reply that EZ8Ih,j9
price is an amount of money paid by the buyer to the seller of a product or service or, in other words ']Nw{}eS`
that price is the money values of a product or service as agreed upon in a market transaction. This W&;X+XA_W
definition is, of course, valid as far as it goes. For a complete understanding of a price in any >dUnk )7
particular transaction, much more than the amount of money involved must be known. Both the buyer #c5G"^)z
and the seller should be familiar with not only the money amount, but with the amount and quality of j I_TN5
the product or service to be exchanged, the time and place at which the exchange will take place and _ Su?
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payment will be made, the form of money to be used, the credit terms and discounts that apply to the ` 9(TqcE
transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. c]P`U(q9TV
In other words, both buyer and seller should be fully aware of all the factors that comprise the total Be 68 Fu0
“package” being exchanged for the asked-for amount of money in order that they may evaluate a Dr^#e
given price. </>;PnzE
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