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MarketA Shirt in a

Market

By:-Rehana AzizK.V. No.1Bikaner

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DefinitionA market is any geographical area where exchange of goods and

services takes

place via money between buyers and sellers.

It is a place where the

sellers of a particular good or service can meet with the buyers of

that

goods and service where there is a potential for a transaction to

take place.

The buyers must have something they can offer in exchange for

there to be a potential transaction.

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It can be defined as a place where any type of trade

takes place. Markets are dependent on two major

participants – buyers and sellers. Buyers and sellers

typically trade goods, services and/ or information.

Historically, markets were physical meeting places where

buyers and sellers gathered together to trade. Although

physical markets are still vital, virtual marketplaces

supported by IT networks such as the internet have

become the largest and most liquid.

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Weekly Market

A weekly market is a market which is held on a

specific day of the week. It does not have

permanent shops. As comparison with other

markets it is a very cheap and in-budget market.

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Shopping Complexes and

Malls

A shopping mall, shopping centre, shopping precinct

or simply mall is one or more buildings forming a complex

of shops, with interconnecting walkways enabling visitors to

easily walk from unit to unit, along with a parking area — a

modern, indoor version of the traditional marketplace

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Chain of Markets

The supply chain consists of mostly for-profit companies

engaged in activities involving product creation and delivery. 

Essentially the chain represents major steps needed to

manufacture a product that will eventually be sold as a final

product.  Each member of the supply chain purchases products

and services enabling them to carry out its business objectives. 

When making purchase decisions supply chain members may

be motivated by such factors as: product cost, return on

investment (i.e., benefits obtained exceed price paid),

assurance of consistent supply (i.e., product is available and

delivery is on-time), reciprocity with supplying firm (i.e., we buy

from you and you buy from us), and much more. 

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Examples of purchasing occurring in the supply chain

include: manufacturing and plant equipment, information

technology, office supplies, professional business services,

etc. 

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Markets and Equality

The exchange of goods and services in a free market will

often produce unequal outcomes. People will generally

reject transactions that make them worse off, but a few will

make mistakes that push them into poverty. 

Some mistakes will be made when naïve or innocent people

are “ripped off” by bad people (they should be forced to

make restitution), but most poverty is not the result of evil

actions, but flows from the vagaries of life. Trade in free

markets can push people into poverty without any immoral

action being taken.

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•A bad decision in a free market can produce a huge

loss.

•An unwise offer will sometimes be accepted.

•A desperate seller may be forced to accept a very low

price.

•Some people are foolish buyers.

•Others are foolish sellers

•Some people are not as clever as others.

•People with rare skills can achieve higher pay than

others.

•People who do not use their skills and capital may find

themselves in poverty.

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A Shirt in a Market

In this part we will discuss that what are the various steps

involved in the manufacturing of the shirt in the market till the

delivery of the final product to the customers.

Cotton industry in India

It is a characteristic of many great nations that they leave

their imprint on specific industries and crafts so that thoughts

of one are immediately associated with thoughts of the other

-- silks with Japan, batik printing with Indonesia, wood carvings

with the Philippines, tea with Sri Lanka and cotton textiles with

India. 

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Some are the result of geography, others have been

developed because of the ready availability of materials--but

all bear the individual stamp of a country's genius and a

peculiar relationship to the people and their history.

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India's woven textiles are famous throughout the world.

Delicate colors and distinctive patterns have been hallmarks of

the Indian craftsmen for centuries past; the beautiful cotton

materials shown above are typical examples.

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The cotton cloth weavers of India have been known since the

earliest days of recorded history.  A fragment of madder-dyed

cloth found in the Indus Valley excavation in northern India

showed that weaving and dyeing were flourishing arts over

5,000 years ago.  They were skills that were to increase and

diversify down the centuries, attracting wider and more

lasting acclaim.   Arab travelers in 9th Century India reported

that "...they make garments of such extraordinary perfection

that nowhere else is their likeness to be seen..."  Marco Polo

observed that the art of embroidery, as practiced in Gujarat in

the 13th Century, was incomparable.

History

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It was not only the technique of dyeing that made India's

textiles famous. The fabrics were embellished with

scintillating designs which India alone could offer. There were

some of which every thread of warp and weft was dyed

before being placed on the loom; a design appeared as the

weaving progressed and was identical on either side. It was

the craft of the individual artist who inherited his skill from

his forbears and who gave his own aesthetic conception to

the products he made with his own hands.

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Case Study

Kurnool is a small place in Andhra Pradesh, there lives a

farmer named Swapna, who grows cotton on her small piece

of land. The balls of the cotton plant are ripped and then are

to be picked. These bolls take several days to burst and then

they harvest.

Swapna and her husband decided to take the cotton to the

local trader instead of selling it in the Kurnool cotton market.

In the beginning she had borrowed Rs. 2500 from a trader at a

very high rate of interest; as cotton harvesting require high

levels of input, but with a promise to sell all the cotton to that

trader.

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At the traders’ yard two of his men weigh the bags of cotton,

at a price of Rs.1500/quintal and it fetches Rs. 6000. The

trader deducts Rs. 3000 for repayment of loan and interests

and paid Swapna Rs.3000

Related questions to the Case Study

Why do small cotton farmers borrow money?

To whom does Swapna sell all her cotton and why?

Why did the trader pay Swapna a low price?

Did the trader pay Swapna a fair price?

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The Cloth Market in Erode

Erode is a city, an urban agglomeration, a municipal corporation and

headquarters of the Erode district in the South Indian state of

Tamil Nadu

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Erode is well known for handloom, power loom textile

products and readymade garments and hence it is called

Loom City of India or Texvalley of India. Products such as

cotton sarees, bed spreads, carpets, lungies, printed

fabrics, towels, dhotis are marketed here in bulk. It has

also been nicknamed as Manjal Maanagaram (Turmeric

city) and Javuli nagaram (Textile city).

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Putting-out-system-Weavers Producing Cloth at Home (at

Erode)

Based on the order the merchant distribute the work among the

weavers as he receives the cloth. They get the yarn and then

supply the cloth to him. For the weavers there are two

advantages:-

•The weaver does not have to spend their money on purchase of

yarn.

•The problem of selling the finished clothes is also taken care of.

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Due to this they come on to the judgment that how much cloth

they have to produce and what cloth they have to make. But this

means that they have lot of power in the current market. They

give orders and pay a low price.

After this the cloth is being send to the garment factories, in this

the market works in the favor of the merchants.

The arrangement between the merchants and the weavers is an

example of putting-out system, whereby the merchant supplies

the raw material and receives the finished product.

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The garment Exporting Factory near Delhi

The Erode merchant supplies the cotton cloth to

garment exporting factory near Delhi. It will use the

cloth to make shirts, then these are exported to

foreign buyers, they set high standard of quality of

production and timely delivery. So, the exporter tries

his best to meet the conditions set by these

powerful buyers. In turn the garment exporting

factories try to cut cost.

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In this way a cotton shirt is manufactured by raw cotton and

then is delivered to the final consumers. This whole process

decides the price of the shirt, if the foreign buyers or big

brands are involved then the price will be at it heights and if

it’s being send to a local shopkeeper the cost will be

according to it.

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ASSIGNMENTWHAT IS MARKET ?DIFFERENCE BETWEEN MALL AND

SUNDAY MARKET ?WHAT IS CHAIN MARKET ?WHAT ARE THE DISADVANTAGES OF

ADVERTISEMENT ?

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ACTIVITYBY SHOWING SOME OF THE GOODS (COPY,

PEN, PENCIL, BOOKS ETC.), AND INTERACT WITH STUDENTS.

MARKET 26

PROJECTCOLLECT ADVERTISEMENT CUTTING AND

PASTE THEM IN SCRAPBOOK.