Price

High school (ages 12+)
People & Society

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/price

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the primary determinants?Supply and demand, production costs, market competition, and consumer willingness to pay
2. What is the economic signaling function?Prices convey information about scarcity, value, and resource availability, guiding economic decisions
3. Why do prices change?Prices change when more people want something or when there isn’t enough of it. If many people want a toy but only a few are made, the price goes up.
4. How does supply and demand affect price?Supply is how much a seller has, and demand is how many buyers want it. If supply is low and demand is high, the price goes up; if supply is high and demand is low, the price goes down.

Equilibrium Price: The price at which the quantity supplied equals the quantity demanded in a market.
Price Elasticity: Measures how much the quantity demanded or supplied changes in response to a price change.
Monopoly: A market structure where a single seller controls the entire supply of a product, influencing its price.