Prices by Mary Rimm https://padlet.com/3207911/5s0fxqovu4p0 By Molly, Isaiah, Kaylah en-us 2019-04-04 14:23:07 UTC 2025-12-19 17:44:53 UTC hello@padlet.com Prices Convey Information https://padlet.com/3207911/5s0fxqovu4p0/wish/348547296 Both consumers and producers use this information to help make decisions. 
Example: The higher price of real estate signals that that particular good is in short supply. 
Example 2: The lower price of rubber flip-flops sends the opposite signal. ]]> 2019-04-04 14:34:10 UTC https://padlet.com/3207911/5s0fxqovu4p0/wish/348547296 Prices Create Incentives to Work and Produce 3207911 https://padlet.com/3207911/5s0fxqovu4p0/wish/348547299 Prices = incentive because they lead to profit

Higher prices = more production

Lower prices = less production

Ex. Higher house prices lead to more people wanting to make houses due to getting paid more.]]> 2019-04-04 14:34:10 UTC https://padlet.com/3207911/5s0fxqovu4p0/wish/348547299 Prices Allow Markets to Respond to Changing Conditions https://padlet.com/3207911/5s0fxqovu4p0/wish/348548243 Prices allow markets to adjust quickly to things they cannot control, such as war and natural disasters. 
Example: Hurricanes can cause shutdowns of crude oil production, in response, the prices of goods made with oil increase.]]> 2019-04-04 14:35:36 UTC https://padlet.com/3207911/5s0fxqovu4p0/wish/348548243 Prices Allocate Scarce Resources Efficiently 3207911 https://padlet.com/3207911/5s0fxqovu4p0/wish/348550156 Market-based economies allocate scarce resources to the most useful products

Ex. Dairy companies buy milk for products in highest demand, like ice cream.]]> 2019-04-04 14:38:40 UTC https://padlet.com/3207911/5s0fxqovu4p0/wish/348550156 https://padlet.com/3207911/5s0fxqovu4p0/wish/348552312 2019-04-04 14:42:17 UTC https://padlet.com/3207911/5s0fxqovu4p0/wish/348552312 https://padlet.com/3207911/5s0fxqovu4p0/wish/348553517 2019-04-04 14:44:31 UTC https://padlet.com/3207911/5s0fxqovu4p0/wish/348553517 Hurricane Damage https://padlet.com/3207911/5s0fxqovu4p0/wish/348556069 2019-04-04 14:48:50 UTC https://padlet.com/3207911/5s0fxqovu4p0/wish/348556069 3207911 https://padlet.com/3207911/5s0fxqovu4p0/wish/348558484 2019-04-04 14:53:03 UTC https://padlet.com/3207911/5s0fxqovu4p0/wish/348558484 3207911 https://padlet.com/3207911/5s0fxqovu4p0/wish/348558980 2019-04-04 14:53:48 UTC https://padlet.com/3207911/5s0fxqovu4p0/wish/348558980