BEGINNER

Price

MARCH 16, 2013

The amount paid for a unit of a good or service. Prices reflect the supply of and demand for a good or service. All else held equal, the price of a good or service increases as either demand increases or as supply falls. Similarly all else held equal, a fall in price occurs as demand decreases or supply increases.
 

Paul Cwik - Problems and Prices

 

Anthony Carilli - Austrian Economics: Praxeology, Supply, and Demand

Related Freeman Articles

THE CALLING

Monetary Calculation: Looking Forward and Backward

Indispensable prices.

JUNE 14, 2012 by STEVEN HORWITZ

Monetary calculation allows entrepreneurs both to peer into an uncertain future and determine their past successes and failures.

THE CALLING

Not Just What, But How

The indispensability of free-market prices.

JANUARY 12, 2012 by STEVEN HORWITZ

Only in a free-market economy, characterized by the private ownership of capital, could we figure out not just what to produce, but how best to produce it.

OUR ECONOMIC PAST

The Two-Price System: U.S. Rationing During World War II

Price Controls and Rationing Led to Law-Breaking and Black Markets

APRIL 24, 2009 by ROBERT HIGGS

OUR ECONOMIC PAST

The NRA: How Price-Fixing Perpetuated the Great Depression

APRIL 01, 2009 by BURTON FOLSOM

The National Industrial Recovery Act (NRA) dramatically altered America's traditional free-market system. Under the NRA, a majority of firms in any industry had government approval backed by force to determine how much a factory could expand, what wages had to be paid, the number of hours to be worked, and the prices of products. Whether or not a businessman helped write the code for his industry, he was bound by the terms and subject to a fine or jail term if he violated them.

ARTICLE

Who Sets the Price?

JULY 01, 1958 by M. E. CRAVENS

Competitive marketing allows anyone to set a price, but the customer is free to decide which is the best buy from the choices available.

ONLINE EVENTS

FEE offers live online events for people new to the economic, ethical, and legal principles of a free society.

CURRENT ISSUE

July/August 2014

The United States' corporate tax burden is the highest in the world, but innovators will always find a way to duck away from Uncle Sam's reach. Doug Bandow explains how those with the means are renouncing their citizenship in increasing numbers, while J. Dayne Girard describes the innovative use of freeports to shield wealth from the myriad taxes and duties imposed on it as it moves around the world. Of course the politicians brand all of these people unpatriotic, hoping you won't think too hard about the difference between the usual crony-capitalist suspects and the global creative elite that have done so much to improve our lives. In a special tech section, Joseph Diedrich, Thomas Bogle, and Matthew McCaffrey look at various ways these innovators add value to our lives--even in ways they probably never expected.
Download Free PDF

PAST ISSUES

SUBSCRIBE

RENEW YOUR SUBSCRIPTION

img E-mail Subscription

VIEW PRIVACY POLICY