Abstract
The value of a good is the rate at which it exchanges for other goods. This rate is usually expressed in money terms as a price. Thus, by comparing prices, we can compare the rates at which different goods can be exchanged.
This is a preview of subscription content, log in via an institution to check access.
Preview
Unable to display preview. Download preview PDF.
Author information
Authors and Affiliations
Copyright information
© 1985 Mrs. M. Harvey
About this chapter
Cite this chapter
Harvey, J. (1985). How Price is Formed in the Free Market. In: Modern Economics Student’s Notebook. Palgrave, London. https://doi.org/10.1007/978-1-349-81181-6_3
Download citation
DOI: https://doi.org/10.1007/978-1-349-81181-6_3
Publisher Name: Palgrave, London
Print ISBN: 978-1-349-81183-0
Online ISBN: 978-1-349-81181-6
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)