Market Basics
What is a market in Commerce?
A place or system where buyers and sellers exchange goods, services, or resources
Where do you usually go to buy groceries?
A supermarket or retail store.
Who is the buyer in the labour market?
The employer or business
What do people usually borrow from banks?
Money
You go to Kmart to buy school supplies. What market is that?
Retail
True or False – All markets are physical places.
False
Name one example of a retail market.
Coles, Woolworths, JB Hi-Fi, etc.
What do workers sell in the labour market?
Their skills, time, or labour.
What is the name of the market where shares are bought and sold?
Stock market.
You apply for a part-time job at McDonald’s. What market is that?
Labour market
What two main groups are involved in a market?
Buyers and sellers
What kind of goods are sold in retail markets?
Goods for personal use
What is the payment workers receive called?
Wages or salary.
True or False – Buying shares makes you part-owner of a company.
True
Your parents get a home loan from a bank. What market is that?
Financial market.
What determines the price of goods in most markets?
Supply and demand
Are retail goods sold in bulk or small quantities?
Small quantities
True or False – Students can participate in the labour market.
True (e.g., part-time jobs).
What is one reason a person might invest in the stock market?
To earn money / profit / make investments.
You buy Apple shares using a phone app. What market is that?
Stock market.
Name one online platform that is considered a market.
eBay, Amazon, Facebook Marketplace, etc.
What is one way online retail is different from traditional stores?
You don’t shop in person / It’s done through a website or app.
Name a website where people can look for jobs.
Seek, Indeed, LinkedIn, etc.
Name one major stock exchange in the world.
ASX (Australia), NYSE (USA), NASDAQ, etc.
A company issues shares to raise money. Which two markets are involved?
Financial market and stock market.