Market participants and review of Chapter II
Answers are for parents and teachers.
1
Draw a market diagram for your family: what money and goods flows exist among the household, firms and the state?
Sample: the family supplies labour – the firm pays wages; the family buys goods – the firm provides goods; family and firm pay tax – the state provides services.
2
A firm pays 18 workers 4 500 000 so‘m each per month. What is the monthly wage bill?
81000000
3
3 books at 45 000 so‘m and 2 albums at 28 000 so‘m were bought. If 400 000 so‘m was given, how much change in so‘m?
209000
4
Write one real-life example for each function of money.
Exchange – buying bread with money; measure – a price tag; saving – keeping part of the money on a card.
5
Why is price called “information”? Explain in two sentences.
Price tells a buyer which good is cheap or expensive, and tells a producer which good is more profitable to make.