demand and supply analysis and disgrams, price mechanism : LUSENET : Economic History (and Related Observations) : One Thread

Hello, I am writing an analytical essay and am looking for help with the question:

Using the demand supply analysis and diagrams, explain the price mechanism. How does this influence resource allocation at any given time? Demonstrate by giving an example?

And also: Is Adam Smith's economic theory still relevant today?

Thanks a lot

-- Ellie Thompson (, May 09, 2004

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