How does the price system solve the problem of alternative applications of labor and capital to meet thousands of different needs and wants of different urgencies in society?

Respuesta :

Answer:

Price system means an economic system in which prices are determined by market forces

Market forces means the economic factors affecting the price of, demand for, and availability of a commodity there is no fixed supply of labor and capital, or any resource for that matter,

The price system communicates to producers what to make more efficiently and to consumers where to purchase quality items more cheaply

Explanation:

ACCESS MORE
EDU ACCESS
Universidad de Mexico