Markets Revision

The name given to the person or group that is the final user of goods and services produced in an economy

• producer

• consumer

• retailer

• manufacturer

Which of the following is the best example of a supply chain?

• producer --> retailer --> consumer

• manufacturer --> consumer --> producer

• manufacturer --> producer --> consumer

• retailer --> producer --> consumer

A market exists in any situation where buyers and sellers come together to exchange.

• True

• False

Select those below that are an example of a good

• haircut

• clothes

• shampoo

• softdrink

• painting of a room

Which of the following are examples of needs?

• internet

• water

• fruit and vegetables

• Nike shoes

• chips

Which of the following statements is true?

• The business sector pays wages to the household sector

• The household sector pays wages to the business sector

• The household sector supplies labour to the business sector

• The household sector supplies goods to the business sector

• The business sector supplies goods to the household sector

Why do Governments play an important role in the economy?

• Setting taxation levels

• Providing services such as schools and hospitals

• Providing money to build roads

• Loan money to individuals

• Use money collected from taxes to pay pension and other welfare payments

The market which involves individuals depositing money and receiving interest (sell the use of their money) and banks lending to others (who buy the use of this money by paying interest) is known as the:

• retail market

• labour market

• stock market

• financial market

The labour market refers to:

• buying and selling of goods and services

• prospective employers wanting to employ people (buy their skills and effort) and employees looking for a job (hoping to sell their labour to employers)

• buying and selling shares

• lending and borrowing money

The functions of money include: (select all that apply)

• medium of exchange (to purchase goods and services)

• notes and coins (different in each country)

• store of value (to save for later)

• measure of value (to know the worth of an item)