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dual federalism (H7)<br />A loose form of federalism in which the federal and state levels act separately but in paralleL This traditional view of the US Constitution implies that federal government is mainly concerned with interstate commerce with production being the concern of the states.<br /><em>See also:</em> co-operative federalism; fiscal federalism; new federalism

price system (DO, P1)<br />A method of allocating goods and services or factors of production by the free movement of prices. The characteristics of this system are its economy in the amount of information needed for decision making and its ability to bring about swift adjustments of supply to demand. Excess DEMAND automatically pushes up prices, giving a direct signal to producers to increase their labour forces and capital stocks. However, the price system is criticized on the grounds that it ignores many sociAL cosTs as these are rarely evaluated and charged to those responsible and can create income inequalities.<br /><em>See also:</em> central planning

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<strong>Award</strong> – Schools award, or “package,” student aid for each year for students. Once the aid is awarded, schools send award letters to students indicating the type(s) and amount(s) of financial aid awarded for the year. (Under 34 CFR 668.16(h), the school is required to provide information about the sources and amounts of aid offered.) The financial aid award may also be referred to as the “financial aid package.”

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