Why are the prices in weekly market lower than those in permanent markets
Answers
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Weekly markets have the following features:
Cheaper Rates: Many items are available in the weekly markets at cheaper rates. This is because since these shops are not permanent, they save on expenses such as rent, electricity and fees to the government.
Family run: The shop owners store the items they sell at home. Mostly, they are helped by the family members and hence they do not employ outside people. Hence they save the money spent as wages to workers.
High Competition: Since these markets have a large number of shops selling the same item, there is high competition among them. Hence if a seller charges a higher amount for an item, buyers will buy from another seller who either charges a lower rate or allows the buyer to bargain to some extent.
Hawkers do not have permanent shops whereas shop owners have permanent shops. They generally sell items like vegetables and fruits. Their income levels are less than that of shop owners. Even the expenses (like rent electricity, wages to workers, etc.) that they have to bear are much less than that of shop owners.
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Tons of products are sold at cheaper rates on weekly markets. This is because as these stores are not permanent, they save the government on costs such as leasing, power, and fees.
Explanation:
- Family-run the shop owners store the goods they sell at home. Mostly, the family members support them and therefore they do not hire outside men. So they save the money that was spent as salaries.
- Because these markets have a wide number of shops offering the same products, they are highly competitive. Therefore, if a retailer pays a higher amount for an object, customers may purchase from another vendor who either offers a lower rate or makes the customer to some degree discount.
- Hawkers do not have permanent shops whereas there are permanent shop owners. We generally sell such things as fruits and vegetables. Their income is lower than that of store owners.
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