Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for
our cars. Chances are, when we purchase these daily items, we don't question the price
with the producer. But in the United States, the interactions between the consumers and
producers determine quite a lot in terms of business and economics.
Think about the items and services that you and your family buy or consume. What
causes you to pay the prices that you do for these goods and services? What determines
the price that's on the price tag7 What goes into determining, or setting, that price?
Consider all the possible elements that could influence the prices you pay.