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starts long before the start of school, and one that should be an integral part of one’s entire life. ZlUFJ*pk
Schooling, on the other hand, is a specific, formalized process, whose general pattern varies little from D DZTqsws
one setting to the next. Throughout a country, children arrive at school at approximately the same 047*gn.b
time, take assigned seats, are taught by an adult, use similar textbooks, do homework, take exams, +
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and so on. The slices of reality that are to be learned, whether they are the alphabet or an vHoT@E#}'
understanding of the working of government, have usually been limited by the boundaries of the ~6=Wq64
subject being taught. For example, high school students know that there not likely to find out in their ~p0 e=u
classes the truth about political problems in their communities or what the newest filmmakers are "
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experimenting with. There are definite conditions surrounding the formalized process of schooling. %YsRm%q
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Prices determine how resources are to be used. They are also the means by which products and C8O7i[uc
services that are in limited supply are rationed among buyers. The price system of the United States is ;w>Q{z
a complex network composed of the prices of all the products bought and sold in the economy as well N GX-'w
as those of a myriad of services, including labor, professional, transportation, and public-utility services. %> o T7|x
The interrelationships of all these prices make up the “system” of prices. The price of any particular hA$c.jJr.Z
product or service is linked to a broad, complicated system of prices in which everything seems to j=zU7wz)D
depend more or less upon everything else. 6tCV{pgm
If one were to ask a group of randomly selected individuals to define “price”, many would reply that pb $ An<P
price is an amount of money paid by the buyer to the seller of a product or service or, in other words _oYA;O
that price is the money values of a product or service as agreed upon in a market transaction. This P
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definition is, of course, valid as far as it goes. For a complete understanding of a price in any woC
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particular transaction, much more than the amount of money involved must be known. Both the buyer l[ZQ7$kL
and the seller should be familiar with not only the money amount, but with the amount and quality of x(T!I&i={
the product or service to be exchanged, the time and place at which the exchange will take place and I3F6-g H
payment will be made, the form of money to be used, the credit terms and discounts that apply to the ; +#za?w
transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. {g23[$X]N
In other words, both buyer and seller should be fully aware of all the factors that comprise the total xP|%rl 4
“package” being exchanged for the asked-for amount of money in order that they may evaluate a Xv<;[vq}F
given price. Es ZnGuY
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