Episode 56 of 60 · Financial Literacy: Cash Course
The Legend of Perfect Competition
Grades 6th+
Economics · Economics — Contemporary World Issues · Captions
About This Video
Imagine the perfect marketplace—where high-quality products are always available at low prices. Sounds magical, but does it exist? In this episode of Cash Course, your teens will explore the “legend” of perfect competition—an ideal model based on four key conditions that help markets run efficiently. While reality rarely meets those conditions, the legend teaches a powerful lesson: more competition means better results for everyone.
Standards Met in Ohio
- 6.E.15Grades 6thThe interaction of supply and demand, influenced by competition, helps to determine price in a market. This interaction also determines the quantities of outputs produced and the quantities of productive resources (entrepreneurship, human resources, natural resources and capital) used.
- CWI.9-12.20.lp.gGrades 9th, 10th, 11th, 12thIdentify that products come from all over the world.
- CWI.9-12.20.lp.hGrades 9th, 10th, 11th, 12thEngage with products.
- SS.6.15Grades 6thThe interaction of supply and demand, influenced by competition, helps to determine price in a market. This interaction also determines the quantities of outputs produced and the quantities of productive resources (e.g., entrepreneurship, human resources, natural resources, capital) used.