📚 Part 1: Markets and Key Terms

1. What is a market? Write your definition below:

2. Match each term with its correct definition by writing the letter in the circle:

Terms:

A) Consumer Rights B) Business Responsibilities C) Supply and Demand D) Fair Trading

The legal protections that ensure customers receive safe products and honest information

How the interaction between buyers and sellers influences prices in the market

The duties businesses have to treat customers honestly and provide quality goods and services

Conducting business in a way that is honest, transparent and respectful to all parties

3. List three examples of markets you interact with regularly:

a) _________________________

b) _________________________

c) _________________________

4. Which of these are consumer rights in Australia? Tick all that apply:

Right to receive safe products

Right to get everything for free

Right to clear and honest information

Right to return faulty goods

Right to choose any price you want to pay

🏪 Part 2: Case Study - The Local Bakery

Scenario: Sarah bought a meat pie from Tony's Bakery for $4.50. When she bit into it, she discovered the meat was spoiled and made her feel sick. She returned to the bakery the next day to complain and ask for her money back.

5. What consumer rights does Sarah have in this situation?

6. What responsibilities does Tony's Bakery have to Sarah?

7. How should both Sarah and Tony behave to resolve this situation fairly?

8. If many customers complained about spoiled food at Tony's Bakery, how might this affect the bakery's business? Explain using the concept of supply and demand: