Year 7 Marketplace

What is a marketplace?

• A place to buy and sell goods and services

• A park for recreational activities

• A school for learning

What do we call the people who buy goods and services in a marketplace?

• Sellers

• Buyers

• Traders

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

What is the purpose of competition in a marketplace?

• It raises prices

• It encourages quality and keeps prices fair

• It only benefits sellers

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

• The number of sellers in a market

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

• The government's control over prices

Which of these is an example of a traditional marketplace?

• Online shopping websites

• Social media platforms

• Supermarket

What do we call the money used to buy goods and services in a marketplace?

• Credits

• Currency

• Coupons

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

• To make shopping complicated

• To ensure fair and safe trading for everyone

• To discourage people from shopping

What is a 'vendor' in a marketplace?

• A person who buys goods

• A person who sells goods

• A person who manages the marketplace

What can happen if the demand for a product is much higher than its supply in a marketplace?

• The price might go up

• Sellers might reduce the quality of the product

• The marketplace might close