Examlex
Economists use the term "price system" to refer to an economic system in which the government sets prices.
Price
The sum of money anticipated, needed, or handed over in exchange for something.
Consumer Surplus I
The gap between what consumers are prepared and able to spend on a product or service and what they end up paying.
Price
The amount of money required to purchase a good or service.
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.
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