What Two Important Functions Are Performed by the Price System

question 28

Essay

What two important functions are performed by the price system?

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Definitions:

Accessibility

The ease with which people can reach, enter, or access a place, product, or service, often considering those with disabilities.

Supply Chain

The entire system comprising people, organizations, resources, processes, and technology that participate in producing and selling a good, starting from supplying raw materials to manufacturing and eventually reaching the consumer.

Upstream

In supply chain and production, it refers to the early stages involving raw materials and the initial steps of manufacturing or processing.

Downstream

In the context of supply chain and business, it refers to all activities or processes that occur closer to the end-user or consumer, often including refining, selling, and distribution.