Why Are Some Things More Expensive Than Others?

Imagine you're selling apples at a market. If everyone wants to buy your apples, you can charge more because there’s lots of people wanting them, that's price differences in action! On the other hand, if no one wants your apples, you might have to lower your price to get anyone to buy them.

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Examples

A limited edition toy sells out fast at a high price
More people want concert tickets than are available
A hot dog vendor raises prices on busy days

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Categories: Economics · economics· price· value· supply and demand