View Poll Results: What determines the price of consumer price of goods and services?

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  • The law of supply and demand

    18 60.00%
  • People

    4 13.33%
  • Other

    8 26.67%
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Thread: What Determines The Price Of Consumer Price Of Goods And Services?

  1. #1
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    What Determines The Price Of Consumer Price Of Goods And Services?

    What determines the price of consumer price of goods and services?

    • The law of supply and demand
    • People
    • Other

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    Re: What Determines The Price Of Consumer Price Of Goods And Services?

    The law of supply and demand is just another way of saying people.
    It's the cross of how much someone wants "something", based on how much of that "something" there is.
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    Re: What Determines The Price Of Consumer Price Of Goods And Services?

    The law of supple and demand is a theory. How would a theory be directly or indirectly involved in the establishment of prices? Don't you need people in the equation?
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    Re: What Determines The Price Of Consumer Price Of Goods And Services?

    Quote Originally Posted by Harry Guerrilla View Post
    The law of supply and demand is just another way of saying people.
    It's the cross of how much someone wants "something", based on how much of that "something" there is.
    I disagree. People make the price, their decision may involve supply and demand, but there is no law of nature that causes the price to change.

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    Re: What Determines The Price Of Consumer Price Of Goods And Services?

    There are lots of factors. The economy, inflation, elasticity, Game Theory, supply, demand, etc. So, in my opinion, depending on the product, there is no one thing you can point to and say "that's the reason the price is $X.XX".
    Last edited by whysoserious; 11-26-11 at 11:30 PM.
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    Re: What Determines The Price Of Consumer Price Of Goods And Services?

    Quote Originally Posted by pbrauer View Post
    I disagree. People make the price, their decision may involve supply and demand, but there is no law of nature that causes the price to change.
    People are the law of nature.
    In the most simple terms.
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    Re: What Determines The Price Of Consumer Price Of Goods And Services?

    In today's day and age, the law of "supply-and-demand" has given way to simply "demand".

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    Re: What Determines The Price Of Consumer Price Of Goods And Services?

    Supply and demand is a theory requiring perfect competition, and a customer base that knows everything about the product. You'd usually see it come out in textbook description when there are many sellers of a good and the good doesn't vary much. For example, maybe in "nuts and bolts" and similar categories. But, what about when their is product differentiation, when the consumer base isn't knowledgeable, and advertising comes into play? Say for example, the tablet market. Do you buy the ipad or do you buy an android? Do you understand the differences? Are there many different manufacturers of Ipads or does only one company product them?

    You start to move more to monopoly pricing, where a company prices it's product to produce maximum revenue. Where the price may be higher in order to increase profits, as the decrease in quantity sold doesn't offset the greater profits from the higher price. You no longer have a price/quantity at the intersection of supply & demand, but rather a different point on the demand curve.

    So, I vote other. Supply and demand are variables, but ultimately not the only thing that determines the consumer price.

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    Re: What Determines The Price Of Consumer Price Of Goods And Services?

    The willingness of people to pay the asking price.

    Go to Bourbon Street and a beer is $4. Go to Joe's Pool Hall, in Jerkwater, USA and a beer is $2.

    The difference, you ask? The folks that frequent Joe's Pool Hall aren't paying four bucks for a beer. The folks that are partying on Bourbon Street will.

    The Royal Sonesta Hotel, on Bourbon Street is $150 a night, $200 a night for a balcony. The Motel 6 on Old Gentilly Road is $50 a night.

    It's all about what people are willing to pay.

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    Re: What Determines The Price Of Consumer Price Of Goods And Services?

    Quote Originally Posted by pbrauer View Post
    I disagree. People make the price, their decision may involve supply and demand, but there is no law of nature that causes the price to change.
    Prices come down to two parties - the seller and buyer - deciding on what the goods is worth to them. All the other stuffs are just reasons we come up with to explain why each party determine the worth of the goods that they do.
    Last edited by nonpareil; 11-27-11 at 12:45 AM.
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