A busy week for the tech world

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Something's burning in the tech world this week.

Amazon announced its new e-reader Wednesday, the touchscreen Kindle Fire tablet.

The Kindle Fire will run a modified version of Google's Android operating system and offer a 7-inch multitouch display with 8gbs of memory all powered by a dual-core processor.

What does this mean? It's fast. Fast enough, in fact, to compete with the heavy hitters in the tablet market, according to analysts.

Amazon made the smart move of introducing its new device a week before the highly anticipated revealing of the iPhone 5 on Oct. 4.

What's more, Amazon comes into the tablet market with a very competitive price for the Kindle Fire at $199.

Part of the reason for the low price is because Amazon hopes consumers will buy into the Amazon Marketplace ecosystem. As an added incentive, the Kindle Fire will come with a 30-day trial of the Amazon Prime service offering users access to Amazon's streaming media content.

So if you're in the market for a tablet, the Kindle Fire offers bang for buck.

Photo credit: ellenmac11