role of market questions (1 Viewer)

[BreeF]

I'm trying to make some notes under the syllabus headings, and my text book has nothing in reference to the topic the role of market.
-determining solutions to the economic problem
- the importance of relative price in reflecting opportunity costs in the goods and services and factor markets.
anyone help with ideas?

 

[Lex152]

The first one relates to the forces of demand and supply to maximise utility.

the second is about giving up one good to buy another (opportunity cost), this implies consumer sovereignty in deciding what is produced by the economy.