The cool thing about economics, unlike other business subjects like marketing and entrepreneurship is that the basic rules haven't changed with the invention of the internet. Supply and demand still works the same way, and economists can still predict our economy's next move. Anyone with a pre-internet economic background can transition to internet selling with ease.

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Supply and demand
Supply and demand are the building blocks of economics. Supply is the amount of goods willing to be sold. Demand is the amount of goods willing to be bought. As price increases, demand will usually decrease. Think about it, if you're going to buy an iPod touch for $230, but when you are ready to buy the price increases to $300, you might not buy it. And if you might not buy it, many other people aren't going to buy it either.
How prices change
Now let's forget about your iPod increasing in price and say it is still $230 (just to make this easier). Let's say 30,000 people are willing to buy this iPod today, so this means there is a high demand. If there are 10,000 iPods willing to be sold, there is a low supply and not all 30,000 people will be able to get an iPod. What sellers will do is increase the price to let's say $300 because as mentioned above when price increases demand decreases. The rest will all pay $300 for an iPod. Sellers benefit from economics because if they had just kept prices where they were and let the consumers duke it out at the store, they would have only made $2,300,000 (230*10,000). Great but I can't set prices like stores can
Realistically however, setting your own price on eBay isn't going to work as well as it does for large retailers. If your prices are too high, buyers will simply buy from the listing right below yours. What you should do is use your knowledge of economics to predict the next big item. Knowing the next hot item is huge.


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