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starts long before the start of school, and one that should be an integral part of one’s entire life. 7z
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Schooling, on the other hand, is a specific, formalized process, whose general pattern varies little from Fv:x>qZr@
one setting to the next. Throughout a country, children arrive at school at approximately the same D/wJF[_
time, take assigned seats, are taught by an adult, use similar textbooks, do homework, take exams, G[{Av5g mx
and so on. The slices of reality that are to be learned, whether they are the alphabet or an hd`jf97*
understanding of the working of government, have usually been limited by the boundaries of the =JxEM7r
subject being taught. For example, high school students know that there not likely to find out in their XQ 8 q)B=
classes the truth about political problems in their communities or what the newest filmmakers are L yG`q3@
experimenting with. There are definite conditions surrounding the formalized process of schooling. 7vc4 JO]
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Prices determine how resources are to be used. They are also the means by which products and L^K,YlNBR
services that are in limited supply are rationed among buyers. The price system of the United States is KDj/ S-S
a complex network composed of the prices of all the products bought and sold in the economy as well FU;a
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as those of a myriad of services, including labor, professional, transportation, and public-utility services. x{/-&`F
The interrelationships of all these prices make up the “system” of prices. The price of any particular
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product or service is linked to a broad, complicated system of prices in which everything seems to lwIxn1n
depend more or less upon everything else. >~tx8aI{
If one were to ask a group of randomly selected individuals to define “price”, many would reply that ,bP8
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price is an amount of money paid by the buyer to the seller of a product or service or, in other words 5Fbb5 `(
that price is the money values of a product or service as agreed upon in a market transaction. This *^CN2t
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definition is, of course, valid as far as it goes. For a complete understanding of a price in any p&D7&Sb [
particular transaction, much more than the amount of money involved must be known. Both the buyer C 'S_M@I=
and the seller should be familiar with not only the money amount, but with the amount and quality of ]Rxrt~ ZB
the product or service to be exchanged, the time and place at which the exchange will take place and +]0hSpZ"p
payment will be made, the form of money to be used, the credit terms and discounts that apply to the MPYYTQ1FB
transaction, guarantees on the product or service, delivery terms, return privileges, and other factors.
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In other words, both buyer and seller should be fully aware of all the factors that comprise the total &%eM
“package” being exchanged for the asked-for amount of money in order that they may evaluate a `G=+qti
given price. LLMGs : [
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