Lesson Details

Unit 2: Lesson 11 - Do Prices Matter to Consumers?

This lesson demonstrates how people use prices when they weight expected costs and expected benefits in making economic decisions. It helps students see how choosing a second-best good or service can in some cases improve their overall well-being.

Concepts:

  • Benefit
  • Choice
  • Costs
  • Incentive
  • Price
  • Substitute
Standards:
  • Standard #1: Scarcity
  • Standard #4: Incentives
  • Standard #8: Role of Prices

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