Economics Principles and Practices
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Chapter 6: Prices and Decision Making
"Prices and Decision Making"

Introduction
You have already learned that prices are the signals that help us make our economic decisions. You have also learned that markets are more efficient when there are large numbers of buyers and sellers and when the information about products in the market is relatively good. All of this results in a situation that results in more competitive prices and more satisfied consumers! The World Wide Web is helping consumers in this regard. For example, you can visit several bookstores to check prices without ever leaving home.

Destination Titles:

Barnes and Noble
Amazon.com
half.com

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Directions
Start at the Barnes and Noble Web site.

1. Select a book of your choice from the Barnes and Noble Web site. What book did you select, and how much does it cost?


2. Next, go to the Amazon.com Web site. In the search box, type the same name of the book that you selected previously on the Barnes and Noble site. How much does the same book cost on the Amazon.com Web site?


3. Now, go to the half.com Web site. In the search box, type the same name of the book that was selected previously on the other retailer sites. How much does the same book cost on this site?


4. Compare the three prices. Which was the lowest? The highest? Why do you think there were or were not differences in the prices? How do you think the free flow of information on the World Wide Web will affect consumer prices?


 


 
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