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Consumers can influence the price of goods or services through their purchasing decisions and demand levels. When demand for a product increases, prices often rise as suppliers respond to the heightened interest. Conversely, if consumers shift their preferences away from a product, demand drops, which can lead to lower prices. Additionally, consumer feedback and trends can prompt businesses to adjust their pricing strategies to remain competitive in the market.
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How can consumers influence or affect the price of goods or services?
supply and demand. If more people want it, it is in greater demand thus the price is more; if less people want it, the opposite is true.
What is the total goods and services in the economy available at all possible price levels?
Consumer Price Indexes is monthly data on changes in the prices paid by consumers for a goods and services.
What does the term Consumer Price Index mean?
The goods consumers can buy an it helps to analyzed
Factors that influence consumer demand for goods and services?
1.price of good and services 2.price of goodsand services in relation to other goods and services 3.taste and refrences 4.income
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
How can consumers influence or affect the price of goods or services?
supply and demand. If more people want it, it is in greater demand thus the price is more; if less people want it, the opposite is true.
What is it called when consumers have a great influence on the price of all goods and service?
Demand
What is the total goods and services in the economy available at all possible price levels?
Consumer Price Indexes is monthly data on changes in the prices paid by consumers for a goods and services.
What does the term Consumer Price Index mean?
The goods consumers can buy an it helps to analyzed
Factors that influence consumer demand for goods and services?
1.price of good and services 2.price of goodsand services in relation to other goods and services 3.taste and refrences 4.income
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
Why are taxes not included in the price of goods and services?
Taxes are not included in the price of goods and services because they are added on top of the base price as required by the government. This allows for transparency in pricing and ensures that consumers are aware of the amount of tax they are paying.
When government wants to ensure that essential goods or services are within the reach of all consumers?
price ceiling
How is interest similar to sales tax and markups?
Interest, sales tax, and markups all represent additional costs added to a base price. Interest is the cost of borrowing money, while sales tax is a percentage added to the purchase price of goods or services. Markups increase the selling price above the cost price to ensure profit. In essence, they all influence the final amount consumers pay for goods or services.
How are goods and services distributed in market economy?
To consumers based on the basis of their ability and willingness to pay the existing market price
Why is it important for the supplier of goods and service to have information about price elasticity of demand?
In that way the supplier of goods and services, will be able to know how many goods they must produce for the quantity demanded in the economy. They need to know how much price affects the consumers.
How does the price system affect goods and services?
goods and services whether it may be anything price will be there for it
