1.   2. Chapter Outline 4 Demand and Supply Applications The Price System: Rationing and Allocating Resources Price Rationing Constraints on the Market and Alternative Rationing…

Slide 14.1 The Price System The market system, also called the price system, performs two important and closely related functions: Price Rationing Resource Allocation Price…

Slide 11 of 26 PART I Introduction to Economics © 2012 Pearson Education Slide 2 2 of 26 PART I Introduction to Economics © 2012 Pearson Education 4 Demand and Supply Applications…

1. The Price System • The market system, also called the price system, performs two important and closely related functions :• Price Rationing• Resource Allocation©…

Slide 1 4.1 The Price System The market system, also called the price system, performs two important and closely related functions: Price Rationing Resource Allocation Price…