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Social Science: Consumer Rights - How a Consumer Should Be in a Market

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How have markets been transformed in recent years? Explain with examples.

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Solution

The markets have been transformed in the following ways :

(a) trade barriers have been removed

(b) flow of capital is more smooth

(c) new international brands have been introduced in the market.

For example - Till a few years back India faced quite a close market. There were only a few domestic market players that served the needs of the consumers. In this regard, the choices available to the consumers were quite less. There was no competition from the foreign market, which meant that the domestic producers paid little attention towards research and development and further improving the production and the produce. However, with the Economic Reforms of 1991, Indian markets have witnessed tremendous changes. Today a large number of foreign players have also entered the Indian markets. This has added to the choices available to the consumers. For instance, today we have much greater choices in the category of food and beverages with the coming up of such MNC's as Subways, Coca Cola, Nestle, etc. the consumers have benefited not just in terms of variety of products but also in terms of the quality of products that are now available.

The markets have been transformed in the following ways :

(a) trade barriers have been removed

(b) flow of capital is more smooth

(c) new international brands have been introduced in the market.

For example - Till a few years back India faced quite a close market. There were only a few domestic market players that served the needs of the consumers. In this regard, the choices available to the consumers were quite less. There was no competition from the foreign market, which meant that the domestic producers paid little attention towards research and development and further improving the production and the produce. However, with the Economic Reforms of 1991, Indian markets have witnessed tremendous changes. Today a large number of foreign players have also entered the Indian markets. This has added to the choices available to the consumers. For instance, today we have much greater choices in the category of food and beverages with the coming up of such MNC's as Subways, Coca Cola, Nestle, etc. the consumers have benefited not just in terms of variety of products but also in terms of the quality of products that are now available.

Concept: How a Consumer Should Be in a Market
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