Market around us

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MARKET AROUND US

Transcript of Market around us

Page 1: Market around us

MARKET AROUND US

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Introduction

Market is a place having shops selling vegetables, clothes,stationery,etc. Market can be defined as a place where buyers and sellers engage in the activity of sale and purchase of goods.

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Types of marketsThere are two types of markets-wholesale

markets and retail markets. A buyer can save a lot of money by buying directly from a wholesale market as the wholesaler buys directly from the producers or the manufacturers. But they do not sell small amounts. So a buyer has to buy bin bulk. The retailer sells the goods in smaller quantities/numbers but at a higher price as he buys from the wholesaler and adds the cost of transportation, investment of money, time, storage charges and profit on the price of goods. If the payment is not made right away and goods are bought on credit, then the retailer further increases his margin. Every city has wholesale market from where the goods are supplied to the retailers.

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There is a difference in the price of goods between the wholesale market and the retail market. The more people involved in the chain means additions in the cost of a commo0dity at every level. The all have to make profit at every level to pay for their investment, manpower, premises, storing facility, etc. the price of goods in a market is determined by the factors like demand by the buyers/consumers, supply by the farmers/manufacturers, etc. the demand for a good is defined as an amount of commodity for which people are willing to pay and buy supply of a good is the quantity that the suppliers are willing to put in the market. When the price of a good rises, the supply also rises.

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Markets and democracy Markets also determine the wages. A job

where there are many willing workers (high supply) but only a small number of positions (low demand) will result in a low wage for that job. Competition among workers tends ton lower the wage. If any one worker demands a higher wage, the employer can remove him and simply hire another at a low wage. Hence, we see that markets create economic inequality, which refers to inequality of economic assets and incomes among individuals and groups within a society. The term is also related to inequality so opportunity.

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A democratic government is committed to protect the interests of all sections of the society. Otherwise equality will b meaningless for them. Our government has taken many steps to protect the interests of the people. The government has fixed minimum wages so that the workers are able to fulfill their basic needs, besides opening employment exchanges to register names of unemployed candidates who desire employment.

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The government ensures the distribution of rice, wheat, sugar and kerosene at a reasonable rate for the po0or under the Public Distribution System (PDS). The government also announces the support price for the crops to safeguard the interest of the farmers and save them from the exploitation by the moneylenders, village touts, wholesalers and retail giants. The government also provides electricity, irrigational facilities, technical assistance, loan and insurance facilities at subsidized rates. A democratic government must provide opportunities to ensure equitable distribution of goods, services as well as sufficient income for all to eradicate inequalities in the society.

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Thank youpresented by:Vishwajeet Singh Bajwan