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General Equilibrium Theory of Value$
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Yves Balasko

Print publication date: 2011

Print ISBN-13: 9780691146799

Published to University Press Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691146799.001.0001

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date: 14 December 2017

Goods and Prices

Goods and Prices

Chapter:
(p.1) Chapter 1 Goods and Prices
Source:
General Equilibrium Theory of Value
Author(s):

Yves Balasko

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691146799.003.0001

This chapter develops the main aspects of the economic environment in which economic agents operate. There are two categories of economic agents, consumers and firms. Consumers buy and sell goods with the ultimate goal of consuming those goods. Firms buy goods that they transform into other goods that they later sell. An economy is made up of these consumers and firms. After having developed models of the consumers and firms, these are combined into a model of an economy with private ownership of production. But before developing these models, it is necessary to be somewhat more explicit about the economic goods and their prices that define the economic environment.

Keywords:   general equilibrium model, economic agents, consumers, firms, economy, private owership, prices

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