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~Prices Allocate Scarce Resources Efficiently~

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~Prices Allocate Scarce Resources Efficiently~

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Perhaps the most important role of price in a market-based economy is to guide resources to their most efficient uses. Guided by prices that communicate what consumers want, dairy producers automatically allocate milk- a scarce resource used to make many different products- to its most valued use.

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~Prices Allow Markets to Respond to Changing Conditions~

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~Prices Allow Markets to Respond to Changing Conditions~

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Prices allow markets to adjust quickly when major events such as wars and natural disasters interfere with the production or movement of goods, wreaking havoc on supply. Prices give markets the flexibility they need to reach equilibrium even under changing conditions.

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~Prices Create Incentives to Work and Produce~

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~Prices Create Incentives to Work and Produce~

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In a market-based economy, prices function as an incentive because they represent potential for profit. Just as changing prices motivate producers, prices in the form of wages and salaries motivate workers.

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~Prices Convey Information to Consumers and Producers~

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~Prices Convey Information to Consumers and Producers~

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A primary role of price is to convey information. Both consumers and producers use this information to help make decisions.
Prices tell producers what consumers want.