Penny has started a business selling “Friendchips,” but she doesn’t know how to price them. She places an anonymous call to Sydney, conducting a survey to determine a price. Meanwhile, Will, who has entered into the same business, under the name of “Oilies,” attempts to sell them also. All of this activity results in a market for potato chips, and Sydney explains how the interaction of buyers and sellers establishes prices.
Essential Question: How do entrepreneurs determine the price for their goods and/or services?
Learning Objective: Students will explain how prices are determined and then define the terms: market, price, buyers, and sellers.
Essential Vocabulary: buyer, consumers, demand, market, producer, price, seller, supply, wants
Link to teacher's guide and more resources/programs at ff4kids.com !