After watching the video and reading the article below, what are the economic implications of the new Frozen ride and other similarly themed goods and services?
SS.912.E.1.4 Define supply, demand, quantity supplied,and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the market place.
SS.912.E.1.8 Explain ways firms engage in price and nonprice competition.
SS.912.FL.2.1: Compare consumer decisions as they are influenced by the price of a good or service, the price of alternatives, and the consumer’s income as well as his or her preferences.
Deborah Kozdras, Ph.D.