SubjectPaid lesson
Price determination
CT
ClassNotes Team 5 MIN READUPDATED 4 JUL 2026Economics SSS 2 Second Term
WEEK 3
Price determination
Performance Objectives
Student should be able to:
- Define price determination.
- Identify the effects of change in demand and supply on equilibrium price and quantity.
Content
Price is the worth that buys a finite amount, weight, or another match of goods or services. In other words, it also expresses the value of the goods produced and the services rendered by factors of production such as land, labour, and capital. Thus, the determination of prices is of great significance in an economy. Determination of Prices means to determine the cost of goods sold and services rendered in the free market.
In a free-market economy, prices are determined by the forces of demand and supply. This is…