it means the amount that someone gets payed should be determined by where they work, how they work, the amount of work, and what they're working for(type of work)
Laissez-faire theorists argue that the market forces of SUPPLY AND DEMAND will serve to set prices and wages in the marketplace.
com·mand e·con·o·mynounan economy in which production, investment, prices, and incomes are determined centrally by a government.
Guilds
by the laws of supply and demand
Prices paid for the use of economic resources are typically referred to as "factor prices." These prices include wages for labor, rent for land, interest for capital, and profits for entrepreneurship. They reflect the value of resources in the production process and are determined by supply and demand dynamics in the market. Ultimately, these prices influence how resources are allocated in the economy and impact overall production and consumption.
Laissez-faire theorists argue that the market forces of SUPPLY AND DEMAND will serve to set prices and wages in the marketplace.
Laissez-faire theorists argue that the market forces of SUPPLY AND DEMAND will serve to set prices and wages in the marketplace.
Laissez-faire theorists argue that the market forces of SUPPLY AND DEMAND will serve to set prices and wages in the marketplace.
The government determined prices, wages, and products.
The government determined prices, wages, and products.
com·mand e·con·o·mynounan economy in which production, investment, prices, and incomes are determined centrally by a government.
Adam Smith believed that wages and prices should be regulated by the forces of supply and demand in a free market economy. He argued that competition among employers and workers would naturally adjust wages and prices to levels that reflect the true value of goods and services. This concept is known as the invisible hand of the market.
DiocletianThe emperor Diocletian issued the Edict of Maximum Prices, which set a ceiling for the prices of goods. He did not freeze wages.
Diocletian issued the Edict of Maximum Prices which put a cap on prices. He did not freeze wagons. if you mean wages, he did not put a cap on wages.
Guilds
fixed wages and prices
guilds