Thursday, December 22, 2011

Economics

Guest post written by my buddy Angelo Cooper
I am trying to teach my students about supply and demand and how the market works to set the prices of products. I gave them an assignment of choosing a product or service that they wanted to purchase and had them research all the different vendors and find the best deal. They were to list all the different companies or people selling that item or service and what they were charging. They were also supposed to choose which company they would choose to buy from and why. There really were no wrong answers as long as they could defend themselves and their choice. One student chose Satellite TV. She went to several websites to see their prices including http://www.expertsatellite.com/. She ended up choosing a company that was not the lowest price but she backed her choice up by saying that they seems to have the best customer reviews. I thought that was so smart! She of course made 100%. Most of the other students ended up choosing the lowest seller with the lowest price which makes perfect sense also.

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