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Price determination in non-market economies

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Some nations have very different economies. In the absence of market-set prices, how are prices determined for household goods?

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This solution discusses price determination in non-market economies.

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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 ...

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Edwin Sinclar, MBA
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  • MBA, Aspen University
  • Bachelor of Science , Berea College
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