Prices
From Open Risk Manual
Definition
Prices. In the context of the Financial Competence Framework, Prices is a topic in the Money And Transactions subject matter domain.[1]
Competences
Mastering the role of Prices in financial literacy context requires the following competences:
Code | Competency Description | Competency Type |
---|---|---|
43 | Knows how to calculate and interpret meaningful unit prices of purchases, where relevant | Knowledge |
44 | Knows that the same goods or services may be priced differently depending on a variety of factors, such as the vendor, the location or the time of purchase | Knowledge |
45 | Knows that the purchasing power of money can vary over time due to inflation | Knowledge |
46 | Knows that price is not the only relevant criterion to buy a specific product and that quality, terms and conditions also matter | Knowledge |
47 | Knows that the actual cost of a good or service may depend on factors such as taxes, exchange rates, shipping costs and customs’ duties (if ordered from outside the EU) | Knowledge |
48 | Knows how to calculate the final consumer price where this is not stated on the price ticket of an item | Knowledge |
49 | Knows that when purchasing products online, the price of identical goods or services may be different according to i.a. the consulted website or browsing history, the shipping conditions applied, or the location from where the purchase is made | Knowledge |
50 | Calculates or estimates the final price of a good or service | Skill |
51 | Seeks ways to manage the impact of inflation on money held | Skill |
52 | Seeks to buy goods and services at a fair price | Skill |
53 | Confident to negotiate a fair price | Attitude |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union