https://padlet.com/3226811/nhoa80qw38i2 Made with big dreams en-us 2018-10-31 14:19:33 UTC 2025-10-29 01:08:27 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Pumpkin.png https://padlet.com/3226811/nhoa80qw38i2/wish/298994837 * A Primary role of price is to convey information. Both consumers and producers use this information to help make decisions. 
*Producers use prices to appeal to the consumer in hopes they will buy their product. ]]> 2018-10-31 14:25:28 UTC https://padlet.com/3226811/nhoa80qw38i2/wish/298994837 https://padlet.com/3226811/nhoa80qw38i2/wish/298995272 *In a market-based economy, prices function as incentive because they represent potential profit. 
*falling serve as incentives for firms to cut back on production or even to leave a market to look for better opportunities elsewhere. ]]> 2018-10-31 14:26:14 UTC https://padlet.com/3226811/nhoa80qw38i2/wish/298995272 https://padlet.com/3226811/nhoa80qw38i2/wish/298995926 *prices allow markets to adjust quickly when major events such as wars and natural disasters interfere with production or movement of goods, wreaking havoc on supply. 
*Hurricane Katrina shut down most crude oil production in the Gulf of Mexico and damaged oil refineries from Texas to Florida]]> 2018-10-31 14:27:18 UTC https://padlet.com/3226811/nhoa80qw38i2/wish/298995926 https://padlet.com/3226811/nhoa80qw38i2/wish/298996311 *Price helps guide resources to their most productive uses.
*For example, the price that consumers pay for dairy products tell the dairy producers how much to sell their milk for and where to dispense it due to the demand. ]]> 2018-10-31 14:27:54 UTC https://padlet.com/3226811/nhoa80qw38i2/wish/298996311 3226811 https://padlet.com/3226811/nhoa80qw38i2/wish/298999966 https://www.youtube.com/watch?v=bahIIKd5fYc]]> 2018-10-31 14:34:02 UTC https://padlet.com/3226811/nhoa80qw38i2/wish/298999966