price mechanism (1 Viewer)

[planino]

How would you guys define the price mechanism?

 

[enoilgam]

From my notes - "Price mechanism: This refers to the process by which forces of supply and demand interact to determine the market price at which goods and services are sold and the quantity produced."

 

[Autonomatic]

How would you guys define the price mechanism?

How did your Economics exam go on that note?

 

[planino]

How did your Economics exam go on that note?

Multiple choice went well (think I lost a mark though), short answer also went well but I think I would have lost a large amount of marks in the extended response since I missed a major point or two :// The ex-response was on price mechanism, so I just wanted to make sure with input from this thread (thanks enoilgam!). Because I missed a crucial point, that's why I probably had 20 mins before the exam finished...

Anyway, how was studying for Ag/phys? You going to study for VD cos I really don't feel like it (although the content seems fun)

 

[gnrlies]

How would you guys define the price mechanism?

While for the purposes of exams nice one liners a great, but would discourage you from limiting your understanding of the price mechanism to a nice sentence for the purposes of regurgitation.

It is useful to think about how prices affect decisions as much as it is useful to think about how prices are determined (and in fact they are really one in the same!).