If you ever watched professional wrestling in the early 1990s then you may remember Ted DiBiase, the Million Dollar Man who famous claimed “everybody has a price.” Well, in this case, everything has a price, and that’s a good thing says LearnLiberty, an economics education organization.
This video explains how prices are very important in an economy and can tell us what we need to know. Although manufacturers and stores have somewhat of a say in prices, the price-tag ultimately comes down to the consumer. Prices depict our opinion on the value of goods and services, otherwise known as the “global chain of cooperation.”
Anyone who doesn’t understand the pricing system or is taking some sort of economics course next year in high school or college should view this.
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