Recap questions

Satisfaction/benefit from buying a good or service

1. What is utility?
2. What is a market? Good deal, utility >>> price
3. Give 5 examples of markets Second-hand market, shoe market, Christmas market etc.

4. What is a second-hand market? Market where sellers are not producers

Good deal, utility >>> price (bad deal = utility < price)
5. What is a bargain?
Earn profit, price > costs
6. What is the goal of sellers?
Satisfy their needs and wants, utility > price
7. What is the goal of buyers?
8. Explain the
Goods that paradox
are unnecessary for of value
survival have higher price than necessities because of the
value people put on them (Pdiamonds > Pwater) and their relative scarcity (low supply)
Many, many
markets
Identify ( 识别 ) as many markets
as possible on the picture!
Market 1

Market 2

Market 3

Market 4

Market 5

Market 6

Other markets
stall 货摊

ship 运送

connect
链接
 captain 队长

informal
非正式的
salary 薪水

workplace 职场
 stock market
股票交易所
share (stock)
股票
stock exchange
股市

illegal black market

违法的 黑市