https://padlet.com/20walklu/pnr4emfnc5r3 en-us 2019-04-04 18:08:38 UTC 2019-04-05 13:53:08 UTC hello@padlet.com 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348923595 To consumers, price signals the opportunity cost of a purchase. Prices tell producers what consumers want.]]> 2019-04-05 13:45:50 UTC https://padlet.com/20walklu/pnr4emfnc5r3/wish/348923595 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348923957 The choice of how much to spend may, in part, be based on what a person can afford, but it also reflects the consumer's expectation of what will be available at that price.]]> 2019-04-05 13:46:39 UTC https://padlet.com/20walklu/pnr4emfnc5r3/wish/348923957 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348924780 2019-04-05 13:48:46 UTC https://padlet.com/20walklu/pnr4emfnc5r3/wish/348924780 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348925721 In a market-based economy, prices function as an incentive because they represent potential for profit.]]> 2019-04-05 13:51:02 UTC https://padlet.com/20walklu/pnr4emfnc5r3/wish/348925721 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348925799 Just as changing prices motivate producers, prices in the form of wages and salaries motivate workers. ]]> 2019-04-05 13:51:11 UTC https://padlet.com/20walklu/pnr4emfnc5r3/wish/348925799 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926095 2019-04-05 13:51:50 UTC https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926095 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926304 Prices allow markets to adjust quickly when major events such as wars and natural disasters interfere with the production or movement of goods, wreaking havoc on supply. ]]> 2019-04-05 13:52:17 UTC https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926304 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926402 Prices give markets the flexibility they need to reach equilibrium even under changing conditions.]]> 2019-04-05 13:52:30 UTC https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926402 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926485 2019-04-05 13:52:41 UTC https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926485 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926624 Perhaps the most important role of price in a market-based economy is to guide resources to their most efficient uses.]]> 2019-04-05 13:52:57 UTC https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926624 20walklu https://padlet.com/20walklu/pnr4emfnc5r3/wish/348926704 Guided by prices that communicate what consumers want, dairy producers automatically allocate milk—a scarce resource used to make many different products—to its most valued use.

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