Markets and prices Economics and Business (Australian Curriculum) year 8

Buyers want as much as possible at the lowest price

Sellers, however, want to sell their products at the highest price they can get

Markets bring buyers and sellers together

Generally, if prices are too high, sellers can't sell all their goods, so they drop prices

On the other hand, if prices are too low, buyers can't get all they want, so prices are driven up

Photo courtesy of Castle and Cubby (http://www.castleandcubby.com.au)

Nice apples - isn't 5c a bit cheap for all the resources used in production? How would buyers react?

But 10c for a lemon? That's way over the top!

Prices in markets adjust to reflect buyer preferences and the value of resources used in production.

Pixabay, author phoot credits

What happens to banana prices when there is a really good season and a huge crop?

What happens to apartment prices in cities where land is scarce, but population is rising?

What happens to olive prices when people want to eat healthy and fresh produce?

Markets tell us the answers

This Spark accompanies the Yourtown Economics and Business topic 'Markets and the interaction of buyers and sellers, written for Australian Curriculum Economics and Business Year 8.

Created By
Greg Parry
Appreciate

Credits:

Pixabay (no attribution required); Castle and Cubby; Greg Parry

Made with Adobe Slate

Make your words and images move.

Get Slate

Report Abuse

If you feel that this video content violates the Adobe Terms of Use, you may report this content by filling out this quick form.

To report a Copyright Violation, please follow Section 17 in the Terms of Use.