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Price

The amount paid for a unit of a good or service. Prices reflect the supply of and demand for a good or service. All else held equal, the price of a good or service increases as either demand increases or as supply falls. Similarly all else held equal, a fall in price occurs as demand decreases or supply increases.
 

Paul Cwik - Problems and Prices

 

Anthony Carilli - Austrian Economics: Praxeology, Supply, and Demand

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December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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