Prices

Definition

Prices. In the context of the Financial Competence Framework, Prices is a topic in the Money And Transactions subject matter domain.

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