Search results
- Dictionaryprice system
noun
- 1. an economic system in which prices are determined by market forces.
Powered by Oxford Dictionaries
noun
Powered by Oxford Dictionaries
A system using prices to measure the value of goods and services.
In economics, a price system is a system through which the valuations of any forms of property are determined. All societies use price systems in the allocation and exchange of resources as a consequence of scarcity. 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. Wikipedia