FFXIV ECONOMICS 101

[Eye_Gore]

“The superior man understands what is right; the inferior man understands what will sell.”
― Confucius

[Moqi]

Today I undercut everyone by crafting an starter crafting HQ set for free for my friend woooo. And I even threw an HQ cnj weapon to a girl that was chatting with us.

I also bought 22 Ice Ward Potion and resold them to a NPC, making a whooping 126 gil. Master of the undercutting and wizard of the market board!

[kidvideo]

Those who complain about undercutting, know the price of everything and the value of nothing.

[Baneus]

“The superior man understands what is right; the inferior man understands what will sell.”
― Douchecius

Fixed that for you.

[ClaireAbigail]

snip
― Confucius

Let's reverse that shall we? "The inferior man does not understand what is right. The superior man does not understand what to sell"
Does it make sense? Nope. Same with your quote. All quotes are hypocritical and does not prove anything.

What makes a man superior? What makes a man inferior? Who are you to judge which one is superior and inferior? In the end it's all a matter of perspective. Here's the cold hard truth: in life there are winners and there are losers. Period. Just because you ended up with a bad sales transaction or you got undercut you can't just pat yourself in the back and just call yourself a good person. Deal with it. Get better. Neither the buyer nor the seller was the inferior or superior. IF one of them did something illegal then that's a different matter but undercutting is NOT illegal

[Ooshima]

Criers of undercutting are actually the most hypocritical.

Talking about economics 101? Economics 101 actually tells you that in a free market, when you have competitors it is actually GOOD, because it forces the producers to find methods to cut costs and also innovate. Consumers get quality products at attractive prices.

On the other hand as many have said, price setting is actually illegal in most jurisdictions.

Now that is economics 101 for you. Now either find cheaper ways to craft such as gather your own mats, or find another more profitable market/item to sell.

[Kat_Manx]

The items in FFXIV have only one value: Time.

It's really as simple as that. Price your time as you want.

[Nyalia]

Undercutting only really hurts your business if you aren't diversifying. You can only sell 40 items at once, and I usually only have ~25 slots for selling crafted good.

What I do is I have a list of ~50 items that I want to sell, and for those, I calculate out a "desireability" value based on the cost, current market price, and how many days ago the oldest sale in the history is to get how much profit/time I'm likely to make by selling it. I use a spreadsheet, so it's not that much work. I do this for the ~50 items and craft/sell the top ~25.

Then, when someone undercuts what I consider the current "maximum" value of the item to be, I undercut them by 10 gil, regardless of how much they undercut me by. When it gets too low, I either reprice my items back at my "maximum" and wait for the price to recover (as it always does), or I pull the items from the market. Then, I find a new item to sell from my list. Later, I'll check if an item's price recovered, and maybe sell it again.

[Nyalia]

A great example of this was when Clothcraft G1 Glamour prisms were selling for 5000 gold when they have a fairly fixed cost of 915, and they were selling so fast the date of the oldest sale was at worst yesterday. But, once other people realized how profitable they were, their sale price plummeted until it was about 1500.

The biggest cost to making these is time, since they can't be quick-synthed. When they got to 2000, I decided it wasn't worth my time and abandoned the market. I took all my goods, stacked them together, and put them up for sale at a price of 4000 each. Eventually, that stack sold, which told me the market had recovered enough for me to go back into it. Meanwhile, I was selling other things that had incredible profit, such as Leatherworking G1 Glamour prisms, where the market worked the same way.

So much profit. Such wow. All you have to do is take undercutting to be a part of the economy and work with and around it, rather than stubbornly against it.

[Eye_Gore]

Let's reverse that shall we? "The inferior man does not understand what is right. The superior man does not understand what to sell"
Does it make sense? Nope. Same with your quote. All quotes are hypocritical and does not prove anything.

What makes a man superior? What makes a man inferior? Who are you to judge which one is superior and inferior? In the end it's all a matter of perspective. Here's the cold hard truth: in life there are winners and there are losers. Period. Just because you ended up with a bad sales transaction or you got undercut you can't just pat yourself in the back and just call yourself a good person. Deal with it. Get better. Neither the buyer nor the seller was the inferior or superior. IF one of them did something illegal then that's a different matter but undercutting is NOT illegal

People are way too serious, it was a joke. Lighten up.