1. Lesson 2 - Markets

2. This is our economics class website for term 2
Write it down! Save it!
This is our economics class website for term 2

4. Does a word have you stumped?
Add it to our class

5. Food, clothing and shelter are usually included as our basic needs as human beings. In what circumstances might each of these be seen as wants rather than needs? (Think about the type of food, clothing or shelter)

6. Aim: To define market and list the 4 types of markets

7. What is a market?

8. The labour market
Workers sell their skills, knowledge and effort to employers
In return for their labour, the employer will pay the workers a wage

9. The housing market Where houses are bought and sold
Houses are often purchased as an investment
Houses are bought and leased out to a tenant in exchange for rent

10. The stock market (or sharemarket) is where shares in Australian companies are bought and sold

11. Foreign exchange The largest market in the world
This is where different currencies from around the world are bought and sold

12. So who is involved in the market system?

13. Consumers
and
Producers

14. = Consumers Works for businesses to earn an income
Spends income in other businesses
The household sector =

15. Making and/or selling goods and services in order to make profit
Producers
Making and/or selling goods and services in order to make profit
Employs consumers
The business sector =

17. Page 314 of your student text
Read pages
Go to our class website:
Click on Lesson 2 - Markets
Complete the questions in