Episode 34 of 60 · Financial Literacy: Cash Course
The Role of Prices
Grades 6th+
Economics · Economics — Economics & Financial Literacy · Financial Literacy · Captions
About This Video
How does your local coffee shop decide what to charge for a cup of coffee? The answer lies in understanding prices! In this episode of Cash Course, learn how supply and demand, consumer value, and goods offered by producers all play a part in both the creation and fluctuation of prices in an economy.
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.
- 9-12.EFL.5Grades 9th, 10th, 11th, 12thMarkets exist when consumers and producers interact. When supply or demand changes, market prices adjust. Those adjustments send signals and provide incentives to consumers and producers to change their own decisions.
- EFL.9-12.4.lp.dGrades 9th, 10th, 11th, 12thUnderstand that a market economic system uses individual choices of buyers and sellers to distribute resources through supply and demand.
- EFL.9-12.5Grades 9th, 10th, 11th, 12thMarkets exist when consumers and producers interact. When supply or demand changes, market prices adjust. Those adjustments send signals and provide incentives to consumers and producers to change their own decisions.
- EFL.9-12.5.aGrades 9th, 10th, 11th, 12thDescribe how prices are determined by the interaction of supply and demand.
- 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.