Some nations have very different economies. In the absence of market-set prices, how are prices determined for household goods?© BrainMass Inc. brainmass.com October 2, 2020, 2:36 am ad1c9bdddf
An economic system refers to a "particular set of institutional arrangements and coordinating mechanism - to respond to the economizing problem" (McConnell & Brue, 2008, p. 29). The economic system determines what goods must be produce, how they should be produced, who gets them, how to accommodate change, and how to promote ...
This solution discusses price determination in non-market economies.