LEARNING ACTIVITY 3: PANIC BUYING!
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Answer the question based on your understanding.
Our country experienced shortage of alcohol and facial masks due to the COVID-19
crisis. Explain this event/issue using one of the four concepts of economic practices
in the choices we make in purchasing products.
Answers
ANSWER :-
as we all knows that our country is the 2 nd highly infected country with covid 19 , as being our social etic we Indians have a mentality of storing things in bulk and to store for future use . without thinking that these things that we are storing now may help a poor background person for buying masks or other dispensaries , which may result him suffer .
Also some times big brands create shortage of alcohol and facial masks in the markets by storing large quantity of goods and sell than after long time at higher prices or so that they could bring there expensive or same quality product in market . which make us to forcefully buy then .
The pandemic has led to a market failure where high demand meets limited supply. It is now a “seller’s market,” in which suppliers and distributors have established new terms and conditions for buyers, including:-
- Payment terms with high financial risks, such as 50% upfront payments, with balances due once the merchandise leaves the warehouse.
- Delivery delays, due to practices such as filling orders out of sequence and moving the highest-paying customers to the front of the line.
- Excessive mark-ups, with distributors accused of stockpiling goods to create perceived shortages and selling later at inflated prices.
- Reduced access to known, quality-assured manufacturers, with national governments limiting or banning exports to protect national supplies.
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by the way this whole answer is answered by me by my own self not from any site Xd
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