Day 20 Economics: Price of Goods and Services

Price of Goods and Services

Hi there!

Have you ever wondered how the price of a good or a service is determined? Like why aren’t apples $30 each? Why is getting an education free, but a haircut not? Well, there is a lot that goes into the price of any good or service. So that is what we are going to focus on today so that hopefully, you have a better understanding of the price of things.

First, read through the digital poster below. It shows many of the things that go into how the price of goods and services are determined. No producer just gives a random price to their goods or services. They come up with prices based on what money they put into their own work so that they can make a profit and keep their customers coming back to buy again.

After the poster, watch the video that talks about supply and demand. When you are done, click through the dialogue cards to understand the vocabulary a little more.

 

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Visual

Price Cost alt tag.docx Download Price Cost alt tag.docx

 

 

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Video

Watch the video below

 

 

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Interactive

Directions: Click on the dialogue cards below to learn more about the price of goods and services.

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