Trade
Buying and selling, needs and wants
Buying and Selling
Trade means buying and selling goods and services. Long ago, people bartered (swapped things). Today we use money. A market is any place where buyers and sellers meet.
Example
How Trade Works
A farmer grows tomatoes but needs shoes:
• Old way (barter): Swap tomatoes for shoes directly
• Today (money): Sell tomatoes → earn money → buy shoes
Types of markets in SA:
• Informal: street vendors, spaza shops
• Formal: supermarkets, shopping malls
• Online: Takealot, online shops
Note
Remember
Needs are things we must have to survive (food, water, shelter). Wants are things we would like but don't need. When spending money, needs should come before wants.
Key Vocabulary
TradeBuying and selling goods and services
BarterSwapping goods directly without using money
MarketA place where buyers and sellers meet to trade
GoodsPhysical things that are bought and sold
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Trade
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