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Question
Why are things cheap in the weekly market?
Solution
Things are cheap in the weekly market because of the following reasons:
- The shop owners don’t have to pay rent, electricity charges, and fees to the Government.
- They don’t hire workers and are helped by their family members.
- There are competition and bargaining because of a large number of shops selling the same goods. These bring the price down.
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RELATED QUESTIONS
Compare and contrast a weekly market and a shopping complex on the following:
| Market | Kind of goods sold | Prices of goods | Sellers | Buyers |
| Weekly market | ||||
| Shopping complex |
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Explain with an example how people bargain in the market. Can you think of a situation where the bargain would be unfair?
