Wikipedia
In economics, a price system is a component of any economic system that uses prices expressed in any form of money for the valuation and distribution of goods and services and the factors of production, and the price system will only function in the setting of Economic liberalism of the political economy of liberal democracy. Except for possible remote and primitive communities, all modern societies use price systems to allocate resources, although price systems are not used exclusively for all resource allocation decisions.
A price system may be either a fixed price system where prices are administered by a government body, or it may be a free price system where prices are left to float "freely" as determined by supply and demand uninhibited by regulations. A mixed price system involves a combination of both administered and unregulated prices.
Usage examples of "price system".
It just didnt understand the price system of the basic principles of economics.
It just didn't understand the price system of the basic principles of economics.
It set up the price system that limits the service to the wealthy.