Explain the meaning of ‘commoditisation’ with the help of examples.
Commoditisation occurs when things that were earlier not traded in the market become commodities.
- Labour or skills have become things that can be bought and sold.
- Sale of human organs, such as kidneys by poor to cater to rich patients to early money.
- Traditionally, marriages were arranged by families but now professional marriage bureaus and websites help people to find brides and grooms and take a proper fee. Earlier rituals and ceremonies were planned out by elders in the family but now it is given as a contract to marriage planners to plan out the entire ceremony.
- In earlier times, people could not have even thought that anyone could sell drinking water or charge money for it. But today, we buy bottled water as a normal commodity i.e. a commodity we can buy and sell.
Is there an error in this question or solution?