CTE 044 Examine the effect of supply and demand on wages and prices.

Post date: Sep 11, 2011 8:40:58 AM

Task 6120.044

Examine the effect of supply and demand on wages and prices.

Definition

Examination should include the analysis of the role of supply and demand on wage and price determination.

Related Standards of Learning

Economics and Personal Finance Standards of Learning

EPF.10

The student will develop consumer skills by

• 1. examining basic economic concepts and their relation to product prices and consumer spending;

  2. examining the effect of supply and demand on wages and prices;

  3. describing the steps in making a purchase decision, including the roles of marginal benefit and marginal cost;

  4. determining the consequences of conspicuous consumption;

  5. describing common types of contracts and the implications of each;

  6. demonstrating comparison-shopping skills;

  7. maintaining a filing system for personal financial records;

  8. examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace;

  9. accessing reliable financial information from a variety of sources;

  10. explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance; and

  11. examining precautions for protecting identity and other personal information.