Explain the Concept of 'Value' from the Perspective of Marketers,buyers,sellers

question 43

Essay

Explain the concept of 'value' from the perspective of marketers,buyers,sellers and society.Illustrate with marketplace examples.

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Definitions:

Shortage

A market condition when the demand for a product exceeds its supply at a specific price.

Demand and Supply of Wheat

The relationship between the quantity of wheat that producers are willing to sell at various prices and the quantity that consumers are willing to buy.

Temporary Price

A price set for a product or service for a limited period before it returns to its normal level, often used in sales promotions.

Surplus

The situation in which the quantity supplied of a good exceeds the quantity demanded, often due to a price being set above the equilibrium level.