Please help
Discussion Topic

Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.

We pay these prices, mainly out of necessity or desire. If its something like toilet paper, which is almost a necessity, we will pay varying amounts for a quality toilet paper.

What determines the price that's on the price tag? What goes into determining, or setting, that price?

Quality, brand, design, material, profit (for both the manufacturer and the seller), cost of manufacturing the good, cost of fixed costs (such as the cost of electricity to have the machines running), marketing, and even the location of the good on the shelf (for example, vendors sometimes pay more for the shelf at eye-level; this way, their product is usually the first one that customers see).

Consider all the possible elements that could influence the prices you pay.

competitor prices/quality, coupons, necessity (if i desperately need it ill pay any price), salary/wage (if i make more money, i might care less for price, so i might buy the more expensive product), or even customer service (example: publix has higher overall prices but better customer service, while walmart has lower prices, but worse customer service.)