Lesson 2 - Markets

This is our economics class website for term 2 www.misslowrieyear8.com Write it down! Save it! This is our economics class website for term 2

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

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)

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

What is a market?

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

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

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

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

So who is involved in the market system?

Consumers and Producers

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

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 =

Page 314 of your student text Read pages 314-315 Go to our class website: www.misslowrieyear8.com Click on Lesson 2 - Markets Complete the questions in