Summary:
Markets are wonderful places for learning about the world. The author takes us to the markets in Hong Kong, Egypt, Senegal, India, Italy, and Mexico to see the fascinating goods that people like to buy and sell. Students learn about foods that may seem strange, but are very familiar in other places. Interesting recipes from around the world are also included.

Concept: Market

Definition: A market exists whenever people buy and sell goods and services.

Comprehension Questions:

Where do goods in any market come from? (They are produced by sellers.)

What goods were found in the Hong Kong market? (python soup, roasted duck, long green beans, live octopus with their moving tentacles, fresh fish from the tanks, bears' paws, noodles, etc.)

In Egypt people buy different kinds of goods. What could you buy in the market there? (prayer rugs, fresh dates, copper pots, Turkish coffee, sweet minty tea, camels, etc.)

In a market, how do people get the item they want? (They exchange with other people, using money or other goods, i.e. barter.)

What could you buy at the market in Senegal? (colorful cotton fabrics, fish stew, cosmetics, etc.)

What is bargaining? (when the buyers and sellers haggle on an agreeable price)

Why is bargaining, i.e. haggling, necessary in many markets? (Sellers do not post their final prices. They bargain to get the highest price possible. Buyers haggle to get low prices.)

List some of the goods found at the market in India. (silk, cotton, vegetables, flowers, spices, hot tea, etc.)

What goods are found in the Italian market? (freshly baked, crusty bread; bright red tomatoes; big green peppers; purple eggplants; long salamis; fat cheeses, etc.)

When buyers and sellers exchange goods in markets, who benefits? (Both buyers and sellers benefit from exchange.)

What goods are for sale in the Mexican market? (finely brocaded shawls and blouses, clay pots, tortillas, etc.)

Why did we find different goods at the markets in different parts of the world? (People in each country specialize in the production of certain types of goods. This is determined by many things, including the special skills and knowledge of the people, climate, available natural resources, etc.)

Other Concepts: Goods and Services, Specialization  

(From KidsEcon Posters©: www.kidseconposters.com)