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The Price of Gasoline: What's Behind It?
Source: Council for Economic Education (EconEdLink) | Type: Lesson
In this lesson, students investigate the variables that contribute to the cost of gasoline. They learn that while OPEC nations do influence the price of oil and thus the price of gasoline, other factors also influence the price.
Grades:
Concepts:
- Demand
- Factors of Production
- Law of Demand
- Markets
- Monopolies
- Price
- Production
- Profit
- Profit Motive
- Supply
- Taxes
Standards:
- Economics 7: Markets - Price and Quantity Determination
- Economics 8: Role of Price in Market System
- Economics 13: Role of Resources in Determining Income
Related Resources:
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