Sample Essay Retailing Industry
In the retailing industry where Wal-Mart is a major player, the market lies in the existence of a relationship between buyers and seller. The producers make the products available and are therefore the sellers here while the consumers are the buyers who purchase the product. The market therefore is the consumer to whom the product is sold to.
There is a market exchange between the producers and the consumers because there always arises the need for man to use his means to satisfy his ends. As a result of this, self-interest comes into play and according to Adam Smith’s theory; man struggles to attain a position of prosperity as a matter of personal motive . In other words, it is only because of self-interest that an individual would engage in a market exchange either in buying what will be of benefit to him or selling at a price that benefits him. In doing so, Adam Smith’s invisible hand theory comes into view. The reason is because while both producers and consumers are busy satisfying their self interests, they are involuntarily promoting the benefits of the society and this is what the invisible hand mechanism is basically about.
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