| Description: | Examines how a well-functioning, free-market price system decides how producers manufacture goods, what goods will be manufactured, and for whom. Illustrates with examples from the steel industry; postwar creation of Levittown, a low-cost housing development; and Reggie Jackson signing with the N.Y. Yankees. Discusses what supply and demand curves represent, what determines the prices of resources, how the price system accomplishes basic economic tasks and the limits of the price system. |
