The operation of the free market

  • Jack Harvey
Part of the Macmillan Master Series book series


In the market economy a want is significant only when a person is prepared to give up something in order to satisfy it. As the strength of the different wants varies, so will the amounts which people are willing to give up. In other words, different goods have different values, value being the rate at which a particular good or service will exchange for others. In modern economic systems the values of goods are expressed in terms of money, as prices.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© Jack Harvey 1994

Authors and Affiliations

  • Jack Harvey

There are no affiliations available

Personalised recommendations