Lesson 20 of 84 · Economics
⭐ 30 XP⚓ Market PortHow Prices Are Set
Prices are determined by supply and demand.
🎯 Your mission
Spot the cost behind the price.
⚡ The twist
Trade isn't just stuff — it's ideas, words, and germs.
Mind = Blown
🤯 The first stock exchange was in Amsterdam in 1602 — for spices.
Then & Now
💱 Every receipt you've ever seen has this idea inside it.
Prices are determined by supply and demand. When many people want the same scarce product, prices rise. Competition among sellers can bring prices down.
Key Facts
Trade connects people globally.
Every choice has an opportunity cost.
Money is a medium of exchange.
Check Your Understanding
Question 1
1 of 2What is an opportunity cost?
Why this still matters
The next time you spend $1, ask: who else benefited besides you?
Stretch Challenge
Try this in real life this week.
Track every dollar you spend or get this week. Then figure out the pattern.
For the dinner table
“If you had $20 to start a business, what would you sell?”
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