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The Operation of the free Market

  • J. Harvey
Chapter
Part of the Macmillan Master Series book series (MACMMA)

Abstract

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.

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Copyright information

© J. Harvey 1981

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  • J. Harvey

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