Year 7 The Marketplace

What is a marketplace?

• A place to buy and sell goods and services

• A park for recreational activities

• A school for learning

What is the purpose of a marketplace?

• To exchange goods and services between buyers and sellers?

• To showcase art and sculptures

• To provide free entertainment

Which of the following is an example of a service that you can find in a marketplace?

• Apples and oranges

• Haircut and nail salon

• Bicycles and skateboards

Which term describes someone who purchases goods and services in a marketplace?

• Seller

• Trader

• Buyer

Why is competition important in a marketplace?

• It keeps prices low and encourages quality

• It makes things chaotic and unorganised

• It prevents people from trading

What does 'supply and demand' mean in a marketplace?

• The amount of money available to spend

• The relationship between the availability of a product and the desire for the product

• The number of sellers compared to buyers

Which of these is an example of a traditional marketplace?

• Online shopping websites

• Social media platforms

• Local farmer's market

What is a currency in the context of a marketplace?

• A way to communicate with sellers

• The amount of goods a person owns

• Money used to buy goods and services

What is a 'vendor' in a marketplace?

• A person who buys goods

• A person who sells goods

• A person who manages the marketplace

Why is it important to have rules and regulations in a marketplace?

• To make shopping boring

• To ensure fair and safe trading for everyone

• To discourage people from participating