| 单词 | price mechanism |
| 释义 | price mechanism An expression referring to the role of prices in a market economy in conveying information and providing incentives. The market mechanism is an alternative phrase making the same point. The prices people are willing to pay for goods and services convey information about how much they value them, and the prices producers ask convey information about how their inputs are valued. The price mechanism provides incentives to allocate resources where their value is highest, and to satisfy wants from the cheapest sources. Quantities also convey information under the price mechanism, however. In many markets price is set in the short run by a market-maker, who derives from the quantities bought and sold at these prices information about how prices should change. |
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