2.4.1 Price mechanism
Topic 2.4.1 - Price mechanism This section of the Cambridge IGCSE Economics (0455) syllabus requires students to understand how the price mechanism provides answers to the basic resource allocation decisions of (i) what, (ii) how, and (iii) for whom to produce. The price mechanism refers to a system of prices being used to allocate resources and to address the fundamental resource allocation question of what, how,...