Queen Victoria Market Excursion

Economic Activity Book 1: Australia and the global economy 3rd edition February 2004 update

Queen Victoria Market excursion

(Some of these questions can be answered by visiting the QVM website.)

Questions

1 When did the QVM open? The Market opened in ______

2 How many traders operate in the Market? ______

3 On which days is the Market open? ______

4 How many shoppers visit the Market each week? ______

5 What else does the QVM offer shoppers apart from the traditional day market? (Include the various market tours as well as the non-traditional markets in your answer.)

______

6 Outline some advantages of diversifying into market tours and non-traditional markets.

______

The fruit and vegetable market

7 Choose any two vegetables and fruits, and compare the prices per kilo for each items at five different stalls. Choose stalls at different locations in the Market (not all in the same aisle) and mark these on your Market map. Complete the table below.

Store A / Store B / Store C / Store D / Store E
Vegetables
$ / $ / $ / $ / $
$ / $ / $ / $ / $
Fruits
$ / $ / $ / $ / $
$ / $ / $ / $ / $

8 Comment on the prices at different locations. Are there some parts of the Market where prices are noticeably cheaper or more expensive? If so, write down the locations below and suggest reasons for the differences. (You may want to compare your data with other students first.)

______

9 Draw some conclusions about the extent of competition in this part of the QVM. Would you say, for example, that consumer sovereignty exists in the fruit and vegetable market? Use evidence from your survey to justify your conclusions.

______

The organic market

10 Visit a stall in the organic section of the Market (see map for location). Collect prices for the same fruit and vegetables selected in Question 7 and write in the spaces below.

Vegetables
$
$
Fruit
$
$

11 Are organic fruit and vegetables cheaper or more expensive than non-organic produce? Suggest some reasons for any price differences you have noted. (You may want to compare your data with other students before answering.)

______

12 With so many stalls selling the same produce, how do they manage to distinguish themselves from the competition? Identify some of the strategies used (for example, cheaper prices, attractive displays, friendly service) at any four fruit and vegetable stalls, and comment on how successful you think they are. Name the stall below and mark their location on your map.

Stall 1

______

Stall 2

______

Stall 3

______

Stall 4

______

The fish market

a Compare fish prices at two shops. Using the table below, list the price per kilo of five different types of fish. Choose a mix of expensive and cheaper varieties.

Type of fish / Shop A / Shop B
1 / $ / $
2 / $ / $
3 / $ / $
4 / $ / $
5 / $ / $

b Comment on any differences in prices between the shops and suggest some possible reasons. (Try to incorporate some economic theory, for example, the laws of supply and demand in your answers.)

______

c Find the price of the most expensive and the cheapest type of fish in the Market.

Most expensive type / Price $ / per kilo
Cheapest type / Price $ / per kilo

d Again using economic theory, explain the difference in prices.

______

The meat market

a Repeat the activity by comparing five different types or cuts of meat sold by two of the Market's butchers.

Type/cut of meat / Shop A / Shop B
1 / $ / $
2 / $ / $
3 / $ / $
4 / $ / $
5 / $ / $

b Comment on any differences in prices between the shops and suggest possible reasons. (Try to incorporate some economic theory, for example, the laws of supply and demand in your answers.)

______

c Find the price of the most expensive and the cheapest type or cut of meat in the Market.

Most expensive variety / Price $ / per kilo
Cheapest variety / Price $ / per kilo

d Again using economic theory, explain the difference in prices.

______

The deli

15 You will notice in the deli section that some stores specialise in selling one type of produce or the produce from one particular country.

a Select three types of specialisation (for example, dairy produce, coffee, wine) and count the number of speciality stores.

Speciality stores
Type / Number
Type / Number
Type / Number

b Select a product from the deli area (for example, cheese) and identify below.

______

16 Identify some advantages and disadvantages of specialisation for a market trader.

Advantages

______

Disadvantages

______

General merchandise

17 Visit the general merchandise section of the Market which sells clothes, footwear, fashion, jewellery, leather goods, CDs or DVDs, and other produce.

Select one type of product (for example, shoes) and compare two stalls in terms of prices, service, range of merchandise and any other criteria you can think of. You will need to decide on a suitable rating system before completing the table below.

Product:
Criteria / Stall A: / Stall B:
Prices
Service
Variety (brands, sizes etc.)

18 Compare your findings in Question 16 with other students and then draw some conclusions about the extent of competition in the general merchandise market (incorporate some evidence to support your conclusions).

______

In summary

a List the conditions of a perfect market in the table below and, based on your research, decide whether or not the Market meets those conditions.

Criteria of a perfect market / Yes/No

b Write a paragraph summarising what you have learnt from the excursion. In particular, comment on the relationship between market theory (for example, the laws of supply and demand) and real-life markets.

______

Additional activities

You may wish to include interviews with Market traders and/or shoppers as part of the excursion activities.

Students could spend some class time before the excursion brainstorming some possible questions and designing a short survey. They would want to find out from shoppers, for example, what factors make the Market so popular: competitive prices, atmosphere, location, variety and so on.