Factors Affecting Price: Beyond Supply and Demand
Students will explore additional factors beyond basic supply and demand that can influence the final price of goods and services, such as production costs, competition, and government taxes/subsidies.
Key Questions
- Explain how changes in production costs can lead to price changes.
- Analyze how the level of competition in a market affects pricing strategies.
- Evaluate the impact of government taxes or subsidies on the prices consumers pay.
ACARA Content Descriptions
Suggested Methodologies
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