Markets, Buying, Selling, and Value

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Vijo Gor

Bosnia y Herzegovina

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Markets, Buying, Selling, and ValueVersión en línea Markets, Buying, Selling, and Value por Vijo Gor 1 What is a product? a Something made with work (labor) to be used or sold. b Something people want but don’t always need. c A place where people trade things. d Money used to buy things. 2 What is trade? a Exchanging things people have for other things they want or need. b Giving away things for free. c The extra money made after subtracting costs. d Taking things from people 3 What is buying? a Getting something by giving money or products in return b Making things to sell in a market. c Using a product without paying for it. d Providing services in exchange for a salary. 4 What is selling? a Giving something to someone else in exchange for money or products. b Keeping products for yourself. c Making a product but not trading it. d Exchanging money for something. 5 What is a market? a A business that produces goods. b A place where people trade things. c A bank where people store money. d A product that people want. 6 What are some examples of markets today? a Schools, parks, and hospitals. b Food markets, fairs, grocery stores, toy stores, and online websites like Amazon. c Workplaces, offices, and government buildings. d Factories and production sites. 7 What is a price? a The value created by work (labor). b How much people have to pay for a product on the market. c The total cost of production. d The wages paid to workers. 8 What is value? a The price of something in the market. b How useful or enjoyable something is. c An amount of something a product has because of the work (labor) needed to make it in production. d The money a business earns. 9 How is price different from value? a Price is what people pay, and value is whatever makes people happy. b The value of a product comes from the work put into it. Price is just what people pay for it on the market. c Price and value are always the same. d Value is created only when something is sold. 10 Does trade create value? a Yes, because exchanging products makes them more valuable. b No, trade can set prices and move things around, but only work creates value. c Yes, because buying things gives them a new price. d No, because value only comes from price changes. 11 Does happiness (utility) decide value? a Yes, because if people want something, that means it has value. b No, something can make you happy but still not be of much value because not a lot of work was put in it. c Yes, because expensive things make people happier. d No, because price decides value. 12 What is profit? a The price a product sells for in the market. b The extra money made from selling a product after subtracting the costs of making it. c The value created in production. d The total money a business earns. 13 hat makes a statue valuable? a The price someone is willing to pay for it. b The time and effort the sculptor spent making it. c The happiness the buyer feels. d How rare the statue is. 14 What decides the price of a statue? a The government sets all prices. b Whatever the seller decides to ask for it, influenced by how much work was put into it (value), how much people want it (demand), and how many are for sale (supply). c The happiness people feel when they see it. d The cost of production plus a fixed amount. 15 Why do prices change? a Prices are always the same because value never changes. b Prices go up when more people want something (demand goes up) and prices go down when fewer people want it (demand goes up). c Prices go up when the government prints more money. d Prices are based only on production costs.

Markets, Buying, Selling, and ValueVersión en línea

Markets, Buying, Selling, and Value

por Vijo Gor

What is a product?

Something made with work (labor) to be used or sold.

Something people want but don’t always need.

A place where people trade things.

Money used to buy things.

What is trade?

Exchanging things people have for other things they want or need.

Giving away things for free.

The extra money made after subtracting costs.

Taking things from people

What is buying?

Getting something by giving money or products in return

Making things to sell in a market.

Using a product without paying for it.

Providing services in exchange for a salary.

What is selling?

Giving something to someone else in exchange for money or products.

Keeping products for yourself.

Making a product but not trading it.

Exchanging money for something.

What is a market?

A business that produces goods.

A place where people trade things.

A bank where people store money.

A product that people want.

What are some examples of markets today?

Schools, parks, and hospitals.

Food markets, fairs, grocery stores, toy stores, and online websites like Amazon.

Workplaces, offices, and government buildings.

Factories and production sites.

What is a price?

The value created by work (labor).

How much people have to pay for a product on the market.

The total cost of production.

The wages paid to workers.

What is value?

The price of something in the market.

How useful or enjoyable something is.

An amount of something a product has because of the work (labor) needed to make it in production.

The money a business earns.

How is price different from value?

Price is what people pay, and value is whatever makes people happy.

The value of a product comes from the work put into it. Price is just what people pay for it on the market.

Price and value are always the same.

Value is created only when something is sold.

Does trade create value?

Yes, because exchanging products makes them more valuable.

No, trade can set prices and move things around, but only work creates value.

Yes, because buying things gives them a new price.

No, because value only comes from price changes.

Does happiness (utility) decide value?

Yes, because if people want something, that means it has value.

No, something can make you happy but still not be of much value because not a lot of work was put in it.

Yes, because expensive things make people happier.

No, because price decides value.

What is profit?

The price a product sells for in the market.

The extra money made from selling a product after subtracting the costs of making it.

The value created in production.

The total money a business earns.

hat makes a statue valuable?

The price someone is willing to pay for it.

The time and effort the sculptor spent making it.

The happiness the buyer feels.

How rare the statue is.

What decides the price of a statue?

The government sets all prices.

Whatever the seller decides to ask for it, influenced by how much work was put into it (value), how much people want it (demand), and how many are for sale (supply).

The happiness people feel when they see it.

The cost of production plus a fixed amount.

Why do prices change?

Prices are always the same because value never changes.

Prices go up when more people want something (demand goes up) and prices go down when fewer people want it (demand goes up).

Prices go up when the government prints more money.

Prices are based only on production costs.

Markets, Buying, Selling, and Value

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Markets, Buying, Selling, and ValueVersión en línea

por Vijo Gor

What is a product?

What is trade?

What is buying?

What is selling?

What is a market?

What are some examples of markets today?

What is a price?

What is value?

How is price different from value?

Does trade create value?

Does happiness (utility) decide value?

What is profit?

hat makes a statue valuable?

What decides the price of a statue?

Why do prices change?