What Is an Economic Price?

Economic prices are also known as "shadow prices", "optimal planned prices", and "accounting prices." Refers to the amount of income that can be increased for each additional scarce resource (factor of production). It is based on a linear programming method and proposes a calculation price for selecting the most reasonable allocation scheme for limited resources. Economic prices are not current prices, but prices that reflect the economic effects of the rational use of certain resources. In economic terms, it is also an opportunity cost. ^[1]