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In economics, a price system is a system through which the valuations of any forms of property (tangible or intangible) are determined. All societies use price systems in the allocation and exchange of resources as a consequence of scarcity.[1] Even in a barter system with no money, price systems are still utilized in the determination of exchange ratios (relative valuations) between the properties being exchanged.
A price system may be either a regulated price system (such as a fixed price system) where prices are administered by an authority, or it may be a free price system (such as a market system) where prices are left to float "freely" as determined by supply and demand without the intervention of an authority. A mixed price system involves a combination of both regulated and free price systems.[1]
- ^ a b George J. Stigler, William J. Baumol. "Price system". Encyclopædia Britannica. Retrieved 2 January 2018.