Markets Around Us - Long Answer Questions
A market held on a specific day of the week. Temporary shops. No permanent buildings. Traders come in morning, leave in evening.
No rent, electricity, or workers to pay (family helps). Competition is high.
Permanent shops near our homes (Dairy, Chemist, Grocery). We know the shopkeeper. Credit (Udhaar) is often available.
Multi-storied air-conditioned buildings with shops on different floors in urban areas. They sell branded and expensive items.
Goods produced in factories/farms -> Wholesale Trader -> Retailer -> Consumer. The journey of goods.
A trader who buys large quantities directly from producers. He sells to other traders, not consumers.
The trader who finally sells the goods to the consumer (could be a hawker or a mall shop).
Advertising. It creates an impression of better quality.
Because the goods are expensive (branded).
E-commerce. Ordering via phone or internet (Amazon, Flipkart). Goods delivered to home. Credit cards used.
No. The shopkeeper in a weekly market earns little. The mall owner earns a lot. The poor consumer cannot afford mall goods.
A wholesaler of vegetables in the city. He starts work at 2 am. He buys in bulk (quintals) and sells to hawkers/shopkeepers.
The ability to buy now and pay later (Sujata paid her monthly grocery bill later). Based on trust.
Uncertain income, police harassment, lack of storage.
In farms. Then sent to Mandis (Wholesale markets).
Someone who moves around selling goods (vegetables/fruits/plastics).
All things available in one place (Veg, cloth, utensils).
The chain of markets (Traders).
Yes, business-to-business markets. Car engine parts bought by car companies. Fertilizers bought by farmers. We only see the final product.
Branding differentiates products but increases cost due to packaging and advertising.
Markets Around Us - Important Facts
Weekly markets have no permanent shops.
Competition keeps prices low in weekly markets.
Neighbourhood shops provide credit.
Malls sell branded goods.
Branded goods are expensive.
Wholesale market is where goods reach first.
Azadpur is a big vegetable mandi in Delhi.
Vegetables arrive in trucks.
Hawkers buy from wholesalers.
Mall owners spend on AC and security.
Online shopping is growing.
Digital payments are used.
Markets create employment.
Inequality exists amongst traders.
Inequality exists amongst buyers.
Producer -> Wholesaler -> Retailer -> Consumer.
Farmers buy seeds/fertilizers (invisible market).
Car factories buy engines/gears (invisible market).
Medicine reps visit doctors.
Urban markets are crowded.
Sujata used a notebook to record credit.
Kavita went to the mall.
Mall guards sometimes stop poor people.
Weekly markets are held at different places.
Traders often travel in groups.
Sameer sells clothes in weekly market.
He moves between 6 different markets.
Festivals are busy times for traders.
Malls offer international brands.
Advertising influences buyers.
Consumer rights protect buyers. (Jago Grahak Jago).
MRP is Maximum Retail Price.
Expired goods should not be sold.
Weights and measures must be accurate.
Supply chain management is complex.
Cold storage preserves vegetables.
Transport system is vital for markets.
Internet has revolutionized markets.
Credit cards are plastic money.
Barter system is extinct in cities.
Global markets affect local prices.
Co-operatives help small producers.
Amul is a milk co-operative.
Lijjat Papad is a women's co-op.
Fair trade ensures fair price to producers.
Markets Around Us - Important Dates/Terms
Modern concept: E-commerce boom