NAME : …………………………………GRADE : ……IV…..

SECTION : …………………… SUBJECT: Inquiry

HOW WE ORGANIZE OURSELVES
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LOI 2: The distribution of goods and services.

At its most basic, economics is about making and using goods and services – the
things people want and need.
How goods are distributed?
Market:
A market is where buyer and seller are involved in the sale and purchase of goods.
It establishes a link between the producer & consumer.

Goods are produced in factories. Goods are also produced in farms and homes. But
we are not required to go to factories or farms to buy goods of our needs, because
the producers are not interested in selling us small quantities. The wholesale traders
do this job. They are the people who come in between the producer and the final
consumer. They first buy goods in bulk. Then they sell these goods to the retailers,
who finally sell this to the consumers.

Markets serve great purpose. They maintain the flow of money. It makes easy
availability of various items of our daily use.

Factories/Farms Wholesale traders Retailers Consumers

Markets everywhere:

It is not always necessary that one has to go to the market to purchase goods. You
can place orders for a variety of things through the phone and these days through
the Internet, and the goods are delivered at your home.
People in urban areas can enter markets without stepping out of their homes via the
Internet. They use their credit cards to make ‘online purchases’.

In clinics and nursing homes, we can notice sales representatives waiting for
doctors.
Such persons are also engaged in the selling of goods. Thus, buying and selling
takes place in different ways, not necessarily through shops in the market.
Large number of goods are bought and sold that we don’t use directly.
For example, a farmer uses fertilisers to grow crops that he purchases from special
shops in the city and they, in turn get them from factories.
A car factory purchases engine, gears, petrol tanks, axles, wheels, etc. from various
other factories. We don’t usually see all the buying and selling, but only the final
product – the car in the showroom.
LOI 3: Our responsibility as consumers.

Consumers Consumer's
Have the Responsibilities
Right To: Include:

Protection from Use the product safely,

1 Safety products and following all safety
services that are instructions and
hazardous to their remaining alert for
health. future warnings.
Have provided for
2 Informati them information Analyze and use
on that ensures all information about
product products wisely.
statements are
accurate and
truthful.

3 Choice A wide selection Choose carefully.

of goods and
services at fair
prices.
A voice in the
4 Be Heard Express concerns to
creation of laws those who can
and the help.
development of
goods and
services.
Request money or
5 Redress Make the effort to seek
other benefits as compensation for a
fair compensation wrong.
for a company’s
mistake.
Have access to Learn about the
6 Education programs and changing nature of
information that products - consumer
help make better education is a lifelong
buying decisions. responsibility.
Live and work in Make choices that
7 A Healthy
an environment minimize the
Environment
that does not environmental impact of
damage their your purchase on others.
health.
Consume sustainably,
8 Have Basic Fundamental
so as not to prevent
Needs Met right of access to
others from meeting
food, water and
shelter. their own needs.