As we sail through the sea of economics, remember that every decision we make about costs and pricing will shape the success of our businesses.
Now, let's talk about economics. Here, we'll dive into the details of costs and pricing. But before we embark on this new journey, let's think about the following questions. You may want to make a list.
Where will you get your ingredients, and how much will they cost?
If you are providing a service what tools do you need to perform your service?
Have you considered any alternatives for your ingredients?
How will you package your product, and what will it cost?
How will you determine the price of your products or services, and how does it compare to others in the market?
Pricing Your Products or Services
Here is a 3:30 minute video (4th grade level) on how to set prices for products or services. Parents for younger kids, scaffold it using the timestamps below or take the video in segments with small discussions with age appropriate explanations. Remember to keep it simple and have fun!