Tag: role of market

Big Bazaar is a fixed shop retailer as they carry on their business at a fixed place where customers can reach and make their purchases.

Retailers purchase goods from the wholesalers and pass them on to the customers. Retailers are of many types and can be classified based on several categories. However, broadly they can be classified as Itinerant retailers and Fixed shop retailers.

• Fixed shop retailers are those that carry on the business of sale of goods in fixed shops, where customers can easily reach and make purchases.

• Itinerant or movable retailers are those that sell their goods by moving from place to place. They deal in low priced goods for regular use like vegetables, fruits, toys, etc. They are also known as hawkers, paddlers, street traders, etc.

In basic economic terminology, a seller is someone who offers goods for sale, often referred to as a salesman in a retail context.

The arrangement between the merchant and the weavers is an example of a putting-out system, whereby the merchant supplies the raw material and receives the finished product. The merchants purchase the yarn i.e the raw material and give instructions to the weavers about the kind of cloth that is to be made. Thus, the weavers do not have to spend their money on the purchase of raw material. Also, the problem of selling the finished cloth in the market is taken care of by the merchants.

There are two reasons for Power Sharing. One is prudential and another one is moral. The prudential reason is based on a careful calculation of gains and losses. The prudential reasons stress that power-sharing will bring out better outcomes.

Peter George Norman an Australian track athlete won silver medal in 200 meters race at 1968 Summer Olympics, Mexico city. He wore a badge of Olympic Project for Human Rights (OPHR) in support of his fellow African-American athletes. The aim of OPHR was to protest against racial segregation in the United States, South Africa and issue of racism in sports.     

The shop owner in the weekly market store the things they sell at home. Most of them are helped by their family members and hence they do not need to hire workers. They also don't need to incur expenditure like rent, electricity, fees to the government, and wages to the workers.

When shops are in permanent buildings, they incur a lot of expenditure. They need to pay rent, electricity, fees to the government and wages to the workers. In weekly markets, the shop owners store the things at their home which they sell in the market. so they don't need to incur a lot of expenditure like rent, electricity, wages, and government fees.

In a weaver’s cooperative, the weavers form a group and take up certain activities collectively. They procure yarn from the yarn dealer and distribute it among the weavers. The cooperative also does the marketing. So, the role of the merchant is reduced, and weavers get a fair price on the cloth.

A mall is a place which has multi-storey buildings and each building has various shops of different items like clothing, cosmetics, crockery, toys, etc. The Malls are Air Conditioning with lifts and escalator which are for the convenience of people. There are parking facilities and several other facilities for entertainment.

Workers’ wages are fixed according to their skills. The highest paid among the workers are the tailors. Women are employed as helpers for thread cutting, buttoning, ironing and packaging. These jobs have the lowest wages.