22 lines
615 B
Markdown
22 lines
615 B
Markdown
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<!-- generated: provider=openrouter model=arcee-ai/trinity-large-preview:free date=2026-02-19 source=book-1-chapter-05 -->
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# Market Price Adjustment
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## Definition
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The process by which prices are determined through the higgling and bargaining of the market, adjusting according to supply, demand, and the relative difficulty of different types of labour.
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## Source Chapter
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Book I, Chapter 5
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## Context
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Smith describes this as the mechanism by which the market settles on prices that, while not perfectly accurate, are sufficient for carrying on the business of common life.
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## Economic Domain
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Exchange
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---
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