Verðkerfis
Verðkerfis is an Icelandic term that translates to "price system" or "market mechanism." It refers to the interconnected set of processes and institutions through which prices are determined and adjusted in an economy. In essence, it describes how supply and demand interact to establish the value of goods and services.
The verðkerfis is a fundamental concept in economics, particularly in market economies. It is driven by the
When demand for a product increases while supply remains constant, the price tends to rise. Conversely, if