Economics

Unit 1 | Topic 3.9 | Prices at Work

What role do prices play in a free market economy?

Objectives

• Identify the many roles prices play in a free enterprise system

• List the advantages of a price-based system.

• Examine how a price-based system leads to a wider choice of goods and more efficient allocation of resources than systems such as barter or rationing.

• Describe the relationship between prices and the profit incentive.

Procedure

1. Review the Aim and notes from your initial text read.

2. Participate in the corresponding lesson topic presentation, revising notes.

3. Watch corresponding video(s); further revising notes.

4. Complete teacher instructed assignments.

Extension

• Excogitate and pore over notes for upcoming topic assessment.