Penny and Sydney are interested in the Pink-a-Links Ben has available at his garage sale – until they hear the price. Ben’s Pink-a-Links are twice as expensive as the new ones that are on sale at Globomart. Ben discovers that he must lower his price.
Essential Question: What influences prices for goods and services? How do buyers and sellers interact to set prices for goods and services?
Learning Objective: Students will explain that in markets, prices are determined when buyers and sellers interact. Students will explain that sellers compete on the basis of price, product quality, customer service, product design, variety, and advertising.
Essential Vocabulary: buyer, consumer, exchange, market, money, price, producer, seller, spending, supply
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