Dynamics of Markets

Introduction

https://www.youtube.com/watch?v=zHPpKA1kWKg&ab_channel=MasturahSolomons

Task

Activity

1. Word Search

Participants; Buyers; Consumers; Sellers; Suppliers; Demand; Markets; Interaction; Price; Exchange; Choices; Product; Factor Market; Land; Labour; Capital; Entrepreneurship; Generic; Similar

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2. Give the correct term for the following

2.1 The place or situation where buyers or sellers meet. (1)

2.2 They determine the demand for goods and services. (1)

2.3 The market where goods and services are traded. (1)

3. Choose the correct answer

3.1 A good example of a perfect market in South Africa is... (1)

A. oil companies

B. the Johannesburg Stock Exchange

C. Eskom

D. the retail industry

3.2 Products in a perfect competitive market are... (1)

A. heterogenous

B. homogenous

C. differentiated

D. rare

3.3 A perfect market consists of... (1)

A. only one seller and many buyers

B. large numbers of sellers and only a few buyers

C. large number of sellers and buyers

D. Single seller and many buyers

4. Answer the following questions

4.1 Name two functions of a market. (2)

4.2 Name two activities that take place in a market. (2)

4.3 Name two characteristics of a perfect market. (2)

Total (31)

Process

The activity consists of a word search, one word answer questions, multiple choice questions and then subsequent longer answer questions all relating to the above topic.

For the word search, try to find all the words given above the word search in it. Words can be made horizontally, vertically and/or diagonally.

For the subsequent questions, answer the questions as best as you can.

The resources provided below should also help you in completing the activity should you need any additional help.

Market: Definition and Classification of Markets - https://www.yourarticlelibrary.com/marketing/market-definition-and-classification-of-markets/48772

Market – Meaning and Classification - https://www.toppr.com/guides/business-economics/meaning-and-types-of-markets/market-meaning-and-classification/

Classification of Markets

https://www.youtube.com/watch?v=VrSsKeyR9PE&ab_channel=MysoreInstitute

Characteristic features of Perfect Competition Market

https://www.youtube.com/watch?v=daYPYHbJ6Xc&ab_channel=MysoreInstitute

Market structures and their characteristic

https://www.youtube.com/watch?v=z7g6rFjvvkU&ab_channel=EnhanceTuition

Evaluation

Question 1, the word search, is worth a total of 19 marks with a mark given for each word found.

The one word answer and multiple choice questions which make up questions 2 and 3 respectively, are also worth 1 mark for each correct answer.

The subsequent questions given in question 4 are worth 2 marks each with a mark being awarded for each point provided.

The activity is therefore out of a total of 31 marks.

Below is a breakdown of the mark allocation for each question:

Question 1 - 19 marks

Question 2 - 3 marks

Question 3 - 3 marks

Question 4 - 6 marks

Total - 31 marks

Conclusion

Markets is a fundamental topic in economics. It is a topic that will continue to be referenced from this point forward in the subject as it serves as a basis for the topics which follows.

We will most likely have all been exposed to a market at some point in our life and as such it is something we should all be familiar with.

At the end of this lesson students should be able to define what a market is and they should also be able to distinguish between the different market structures that exist and their characteristics.

The activity given during the lesson should be completed by the next lesson as we will work through and mark it then.

Teacher Page

Tailyn Damons

21909727

If you have any queries, feel free to contact me on td219098727@gmail.com