Question

State why weekly market has been seen as a social institution 2 sociology

Answer 1

Sociologist view markets as social institutions that are constructed in culturally specific ways and are socially ‘Embedded’ eg weekly tribal haat and traditional business community.Weekly market bring together people from surrounding villages, sell their agricultural produce, buy manufactured goods, attract traders, money leaders, astrologers and other specialist and to meet kin, arrange, marriages etc. These periodic markets link different regional and local economies together, and link them to the wider national economy, towns and metropolitan centres.'Virtual Market’—A market that exists only electronically, and conducts transactions via computers and telecommunication media.The market does not exist in a physical sense, but only in terms of data that are stored electronically.