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What Is a Price?

What Is a Price?

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Item Number:
LS LS-1301-06-DVD
21 min.
Closed Caption:
Learning Seed
Teach basic economic literacy

Everything has a price tag. But who sets all these prices? What hides behind a price tag? How does price control your life?

We all know "the best things in life are free" and "you can't buy happiness", right? So why do we insist on putting a price on just about everything? Well, we don't. That's the first of many surprising lessons viewers learn in What Is a Price?: a price is not an arbitrary number someone "puts" on something.

Viewers learn that a price is information disguised as a number. They understand how it influences consumer behavior, sends a message from the producer, allows the consumer to talk back, and plays a vital role in a market economy.

* What is a price and who sets it?
* There is only one price for everything. What is it?
* What goes into setting a price?
* How does price influence behavior?
* What can "free food for all" teach about a market economy?
* Why would a government pay $10,000 for a toilet seat?
* Why would an airline on the verge of bankruptcy cut fare prices?
* Why can't you afford an oceanfront house? Hint: It's not high prices.
* Why individuals, not governments or corporations, "pay the price."
* Who has the final word in pricing - the buyer or the seller?
* Would anyone put up with a 200% sales tax on an auto? Hint: It exists.
* How prices help insure free choice.
* What is price discrimination and why is it so common?
* Why "It costs too much!" is not really a statement about prices.

What Is a Price? is basic education for anyone living in a market society - that means YOUR students.

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