types of markets

Question 1

goods and services bought and sold. This is like JB Hi-Fi, Red Dot and K-Mart. This also applies to housing. Buying and living in a house is a need, but buying then renting a house is a want.

Answer 1

retail market

Question 2

skills, knowledge and effort bought and sold. People use these at a business to earn an income.

Answer 2

labour market

Question 3

hires and fires workets

Answer 3

employer

Question 4

works for the business in return for an income.

Answer 4

employee

Question 5

shares of businesses are bought and sold on the ASX. People give a large amount of money to a business and gets a share of their profits.

Answer 5

stock market

Question 6

currencies from foreign countries are bought and sold to make purchases in other countries with the local currency.

Answer 6

foreign exchange market