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You are here: Home > Educators > Level 2 Business and Economics Education > The Nature of Markets > Different Types of Markets |
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The Nature of Markets - Different Types of MarketsLook carefully at each of the images below. 
Copyright: Jeinny Solis S., from stock.xchng 
Copyright: Bas van de Wiel, from stock.xchng 
Copyright: A M, from stock.xchng 
Copyright: Michel Collot, from stock.xchng 
Copyright: Simon Stratford, from stock.xchng All of the images here represent some form of market where buyers and sellers are being brought together. In pairs, see if you can identify the following:
Compare your answers with those of other pairs in your class. We use the term 'market' in lots of different ways. We refer to street markets, currency markets, commodity markets, fish markets, clothes markets, the perfume market, the oil market and so on. What these all have in common is that there are those who want to buy and those who want to sell. Those who want to sell have different aims than those who want to buy. If I want to sell my car, I will be looking to get the highest price possible. If you are looking to buy a car, you might be looking to get the cheapest price possible for the type of car you want to buy. When you go shopping therefore, you will be looking at the range of goods available and thinking about lots of different things before buying. How desperately do you need the good in question? Is the price too high? Can you afford it? What will your friends think? Is there something better and cheaper elsewhere? 
Image: Markets involve lots of complicated decisions - many of which we never really think about consciously, but nevertheless we do consider them! Copyright: Jim DeLillo, from stock.xchng Sellers will also have lots of things to consider - what is the 'right' price for their good or service? If it is too high, will it put people off buying it? Does a high price signal quality and exclusivity? What did the good or service cost to produce? What other costs do the shops have to consider? What are their competitors charging? What is happening to the economy in general - have people got enough money to spend on the things you would like to sell them? Are your goods still in fashion? TaskDo a brainstorm session on the factors that affect spending decisions by buyers and sellers. Brainstorming means you don't have to give any reasons; just think of as many factors as possible. You could write down the list as a table with 'buyers' in one column and 'sellers' in another. Alternatively, you could produce a poster with all your ideas on - one for buyers and one for sellers, or you could even produce a mind map. If you decide on a poster or mind map, try to make it as colourful as possible. |
