Markets do not work in a fair manner when producers are few and powerful, whereas consumers purchase in small amounts and are scattered. This happens especially when large companies are producing these goods.
These companies with huge wealth, power and reach can manipulate the market in various ways. At times false information is passed on through the media and other sources to attract consumers.
Read the given passage and answer the following questions
(a) State one condition in which markets do not work in fair manner.
(b) Who sometimes passes the false information and mislead consumers?
© What lesson/values have you learnt from the passage?
(a) When producers are few and consumers purchase small amounts, markets do not work in fair manner.
(b) Media passes on false information given by suppliers to mislead consumers.
© From the above passage, I have learnt the value of consumer education and awareness, which is very much important for a consumer if he/she wants to save himself/herself from cheating. Without this, traders and producers can use various illegal and unethical means for only their profit.