What is price? Basic Ideas of Economic Literacy
DVD Produced by Marcom Projects in 2006
Learning Seeds
This DVD asks the question, What is price? And it defines price as part of a conversation between the buyer and the seller, essentially a mutual agreement. That is usually what will drive the consumer to make a purchase; if they are willing (and not necessarily able) to outlay a certain amount of money that will be exchanged for the product. This means the price is subject to change with negotiations between the seller and the buyer. But obviously the seller wants the price to be as high as possible and the buyer wants the price to be as low as possible and the sell price is usually when the two meet in the middle. Although the seller has the final say in the selling price.
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