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    This module is included inLens: Siyavula: Economic and Management Sciences (Gr. 7-9)
    By: SiyavulaAs a part of collection: "Economic and Management Sciences Grade 7"

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What is a market?

Module by: Siyavula Uploaders. E-mail the author

ECONOMIC AND MANAGEMENT SCIENCES

Grade 7

THE SUCCESSFUL ENTREPRENEUR

Module 8

WHAT IS A MARKET?

“An employee questions that which is already part of the business.”

“An entrepreneur questions the reasons for things not being part of the business.”

What is a market?

Products and services are bought and offered for sale on the “market”. Most people think of the market as an informal shopping centre where you can buy fruit, vegetables and handmade articles. But a “market” does not have to be a fixed place. Wherever there is contact between buyers and sellers, we have a market. This contact does not necessarily have to take place physically between persons. It could happen by telephone, computer or even through an advertisement in a newspaper.

The word “market” is also used to refer to a group of buyers. The market for school clothes, for instance, comprises the learners at school and their parents.

1. Different types of markets

Consumers buy goods and services from manufacturers at the goods and services market.

Manufacturers, again, buy the four factors of production (land, capital, labour and entrepreneurial skills) from the factors market. These four factors are required for producing goods and services.

Activity 1:

To make inferences from the interaction between buyer and seller

[LO 1.4.1]

Figure 1
Figure 1 (Picture 3.png)

2. Study the following representation and:

  1. a) try to find six examples of contact between buyer and seller;
  2. b) see if you are able to identify products/services that are sold on the factors market.
  3. c) In your groups, discuss the different types of market where manufacturers will be buying the four factors of production.

Assessment

Table 1
Learning Outcomes(LOs)
LO 1
THE ECONOMIC CYCLEThe learner will be able to demonstrate knowledge and understanding of the economic cycle within the context of ‘the economic problem’.
Assessment Standards(ASs)
We know this when the learner:
1.3 explains the concepts ‘free’ and ‘economic’ (scarce) goods, and the influence of demand and supply on market prices.
1.4 describes and debates the power relationships, economic rights and responsibilities between:
1.4.1 consumer and producer;
1.4.2 employer and employee;
1.4.3 government and business.

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Definition of a lens

Lenses

A lens is a custom view of the content in the repository. You can think of it as a fancy kind of list that will let you see content through the eyes of organizations and people you trust.

What is in a lens?

Lens makers point to materials (modules and collections), creating a guide that includes their own comments and descriptive tags about the content.

Who can create a lens?

Any individual member, a community, or a respected organization.

What are tags? tag icon

Tags are descriptors added by lens makers to help label content, attaching a vocabulary that is meaningful in the context of the lens.

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