- Pricewatcher 1 2 15 – Monitor Price Changes Online Games
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Monitor prices at Amazon.com Amazon PriceWatcher allows you to search several popular categories at Amazon.com (US, UK, FR, DE, CA, JP), compare prices between different sellers, and watch selected items for price changes. It creates a personal library of items that you selected to watch and lets you track price changes as well as graphical. The advantage is that you have an overview of all current prices at Amazon and you can buy your favorite product as soon as its price falls below an adequate price. Version 2.1.3 Bugfix: Cached. App to check price evolution for products (Amazon, iTunes & much more).
- Levels: AS, A Level, IB
- Exam boards: AQA, Edexcel, OCR, IB, Eduqas, WJEC
The price mechanism describes the means by which millions of decisions taken by consumers and businesses interact to determine the allocation of scarce resources between competing uses
Revision Flashcards for A Level Economics Students
These superb packs of revision flashcards contain everything you need to cover for AQA & Edexcel A Level.
The price mechanism plays three important functions in a market:
1/ Signalling function
- Prices perform a signalling function – they adjust to demonstrate where resources are required, and where they are not
- Prices rise and fall to reflect scarcities and surpluses
- If prices are rising because of high demand from consumers, this is a signal to suppliers to expand production to meet the higher demand
- If there is excess supply in the market the price mechanism will help to eliminate a surplus of a good by allowing the market price to fall.
2/ Transmission of preferences
- Through their choices consumers send information to producers about the changing nature of needs and wants
- Higher prices act as an incentive to raise output because the supplier stands to make a better profit.
- When demand is weaker in a recession then supply contracts as producers cut back on output.
- One of the features of a market economy system is that decision-making is decentralised i.e. there is no single body responsible for deciding what is to be produced and in what quantities. This is a remarkable feature of an organic market system.
3/ Rationing function
- Prices serve to ration scarce resources when demand in a market outstrips supply.
- When there is a shortage, the price is bid up – leaving only those with the willingness and ability to pay to purchase the product. Be it the demand for tickets among England supporters for an Ashes cricket series or the demand for a rare antique, the market price acts a rationing device to equate demand with supply.
- The popularity of auctions as a means of allocating resources is worth considering as a means of allocating resources and clearing a market.
Mixed and Command Economies and Prices
- Most economies are mixed economies, comprising not only a market sector, but also a non-market sector, where the government (or state) uses planning to provide public goods and services such as police, roads and merit goods such as education, libraries and health.
- In a command economy, planning directs resources to where the state thinks there is greatest need. Following the collapse of communism in the late 1980s and early 1990s, the market-based economy is now the dominant system in most countries – even though we are increasingly aware of many imperfections in the operation of the market.
Prices and incentives
- Incentives matter! For competitive markets to work efficiently all 'economic agents' (i.e. consumers and producers) must respond to appropriate price signals in the market.
- Market failure occurs when the signalling and incentive functions of the price mechanism fail to operate optimally leading to a loss of economic and social welfare. For example, the market may fail to take into account the external costs and benefits arising from production and consumption. Consumer preferences for goods and services may be based on imperfect information on the costs and benefits of a particular decision to buy and consume a product.
Secondary markets
- Secondary markets occur when buyers and sellers are prepared to use a second market to re-sell items that have already been purchased.
- Perhaps the best example is the secondary market in tickets for concerts and sporting-events.
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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- 5-6 hours learning time
- 36 videos, downloads and activities
All students and teachers preparing for the A-Level Economics exams in Autumn 2020
A-Level Economics- Edexcel A-Level Economics Study Companion for Theme 1
Edexcel A-Level Economics Study Companion for Theme 1
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Edexcel A-Level Economics Study Companion for Theme 1
- SKU: 02-4125-10989-01
Instant Download
- £30.00
- Edexcel A-Level Economics Study Companion for Theme 4
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Advertise your vacancies with tutor2u
Much cheaper & more effective than TES or the Guardian. Reach the audience you really want to apply for your teaching vacancy by posting directly to our website and related social media audiences.
Advertise your teaching jobs with tutor2uFMVeilleMarketing, ThePriceWatcher personalized price intelligence solution
With the proliferation of online shopping sites, managers of commercial sites no longer able to follow the price changes of their products from their competitors.
Demand and Supply - 5 minute Powerpoint Knowledge Retrieval Quiz
28th September 2020
Why is argan oil so expensive?
30th August 2020
How TV advertising's woes have given small firms a bite at the cherry
29th August 2020
Flexible ticket pricing likely as workers stop their daily commute
6th July 2020
Why real saffron is so expensive
28th June 2020
Lockdown data
Ishowu instant 1 2 4. 23rd June 2020
What is the cause of the oil price crash? [Year 12 Enrichment Task]
29th April 2020
Oil's amazing moment as crude prices fall below zero
22nd April 2020
Coronavirus: Pandemic triggers sharp rise in price of medication
13th March 2020
Price mechanism in action - tobacco farmers chasing a sweeter crop
2nd January 2020
2020 Micro Economics Mock Playlist (Markets)
https://torhyakachet1986.mystrikingly.com/blog/hibari-1-5-9. 1st December 2019
Chinese government rations pork and sets maximum prices
12th November 2019
Spare ribs? China to tap pork reserves as swine fever hits industry
19th September 2019
Why Cuban cab drivers earn more than doctors
1st September 2019
The Economics of Knife Crime
13th March 2019
Theory of Demand - The Role of Influencers
26th January 2019
Can butchers survive the vegan boom?
20th January 2019
UK Plastic bag charge set to be doubled to 10p
27th December 2018
Should people be paid for donating blood?
15th November 2018
Optimum 'health tax' for meat calculated
8th November 2018
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- 5-6 hours learning time
- 36 videos, downloads and activities
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A-Level Economics- Edexcel A-Level Economics Study Companion for Theme 1
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- SKU: 02-4125-10989-01
Instant Download
School network license
- £30.00
Edexcel A-Level Economics Study Companion for Theme 1
- SKU: 02-4125-10989-01
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- Edexcel A-Level Economics Study Companion for Theme 4
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- SKU: 02-4125-10992-01
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- £30.00
Edexcel A-Level Economics Study Companion for Theme 4
- SKU: 02-4125-10992-01
Instant Download
- £30.00
Advertise your vacancies with tutor2u
Much cheaper & more effective than TES or the Guardian. Reach the audience you really want to apply for your teaching vacancy by posting directly to our website and related social media audiences.
Advertise your teaching jobs with tutor2uFMVeilleMarketing, ThePriceWatcher personalized price intelligence solution
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