Markets

Where buyers and sellers meet

Where Buyers Meet Sellers

A market is any place where buyers and sellers come together to trade. Markets can be physical (supermarket, flea market, taxi rank shops) or online (internet shops). Prices are determined by how much people want something (demand) and how much is available (supply).

Example

Types of Markets

Physical markets: • Supermarkets (Shoprite, Pick n Pay) • Informal markets (roadside vendors, flea markets) • Spaza shops (small neighbourhood shops) • Shopping malls Online markets: • Takealot, Amazon, Facebook Marketplace All markets have: buyers, sellers, goods/services, and prices

Note

Remember

Competition between sellers is good for buyers — it keeps prices fair and quality high. If only one shop sells something (monopoly), they can charge high prices. Smart buyers compare prices at different markets before purchasing.

Key Vocabulary

MarketA place where buyers and sellers trade goods and services

BuyerA person who purchases goods or services

SellerA person who offers goods or services for sale

PriceThe amount of money charged for a good or service

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