Year 8 Economics - Marketplace, Supply and Demand, Resources

What does owning a home provide?

• Sense of security

• Financial burden

• Unpredictable living situation

• Limited housing options

The stock market is a marketplace for pieces of companies, where owning shares means owning a small part of the company. What is the term for owning a small part of a company?

(a)  

What is a market?

• A place where people gather to socialize

• A place where buyers and sellers trade goods and services

• A place where only sellers come together

• A place where only buyers come together

People trade currencies in the foreign exchange market to make money by guessing which currencies will go (a)   in value.

What is the labour market compared to in the passage?

• A supermarket

• A dating app

• A school

• A hospital

What can be found in markets according to the passage?

• Only food and clothes

• Only houses and jobs

• Everything from food and clothes to houses, jobs, and money from different countries

• Only money from different countries

The foreign exchange market is the biggest market in the world for exchanging different countries' (a)   .

What analogy is used to describe the relationship between households and businesses?

• A game of chess

• A tug of war

• A dance

• A solo performance

Understanding interdependence helps us see the big picture of how the economy works and our role within it. What is your role within the economy?

(a)  

The market economy relies on the interdependence of individuals and businesses for its functioning. What is the key factor for the market economy?

(a)