Competition provides benefits for consumers. First, more competition means consumers have more choices of goods and services. Second, when more firms are offering goods and services, competition often leads to lower prices.
Every day, students are bombarded by advertising. They cannot escape it. But marketers realize that many people—especially young people—are becoming very good at tuning ads out. Businesses thus are becoming more creative in their communication with consumers. In this lesson, the students assume the role of detectives searching for the new places where advertisers are promoting themselves and their products. They also investigate logos, imaginary characters, slogans and jingles—tools used by advertisers to develop brand awareness. This lesson works well as a follow-up to the EconEdLink lesson Did You Get the Message?
Advertising is the primary tool used by businesses to tell consumers about the goods and services they sell in the marketplace. Businesses also use advertising to try to convince consumers to buy what they are selling. Advertisements do this by pointing out how consumers will benefit if they buy a product. These benefits are called incentives. In this lesson, these two basic functions of advertising are introduced. Various techniques used to achieve these objectives are also explained. During the assessment activity, students view television commercials directed at them. They identify the various advertising techniques used to grab their attention and convince them to buy.
The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.
This publication contains fourteen lessons that use a unique blend of games, simulations, and role playing to illustrate economics in a way elementary students will enjoy.
1 out of 16 lessons from this publication relate to this EconEdLink lesson.
Designed primarily for elementary and middle school students, each of the 15 lessons in this guide introduces an economics concept through activities with modeling clay.
1 out of 17 lessons from this publication relate to this EconEdLink lesson.