Economy is simple the condition of a country, community, society or region in the areas of the production and consumption of commodity i.e Goods and Services and the flow of money. It can as well be refers to the determinate of a countries capacity and individuals standard of living. The economy determine the people's standard of living to the point of what they feeds on, when an average or the poor so to say visit a restaurant for an example he/she ask for the availability of a meal the next thing is amount is it so to be sure if he/she can afford it and in a situation where the price is high or a bit high he/she change immediately to a lesser and affordable price meal, so to say the price of a commidty or goods and services determine what one do and feed on in a bad economy.
Below are things expected of a producer who want to remain in market to do:
- Reduction in price: A producer who want to still have a high level of sells must be ready to reduce or better still regulate price of goods/commodity produce so as for the consumer to be able to afford them. Price reduction mechanisms is applied in an economy experiencing down wardness so has to meet the needs of the consumer.
- Reduction of quality: For the first point to be applicable the quality of the product must be reduce. Quality can simply be seen as one of the determinate of price because the higher the quality the higher the cost of production vise versa. When the economy is down most people buy or make purchases of product not for quality sake but just to full the belly and also reduce expenses.
- Reduction of quantity: Quantity needs to be put into consideration but one most be mindful of over reduction, so the reduction should not be an obvious because execess of it can be a threat to consumers.
In conclusion, every one both producer and non producer i.e consumer and as well as markets must be ready to be a to restrategies and find legal and proper alternative for survival because in such situation the country become unfriend and hardship began to rules.
Thank you for your time put in reading, your comment and as well upvote will be of grate help.
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Well said. I think most times businessmen and producers have suffered in a down economy when they don't actually know what they should do when there is down economy not knowing that there are few tips that one can still apply. One of the is the reduction of price. Reduction of prices always go a long way in encouraging sells in an down economy
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A lot of didactics to explain the subject. In such a fluctuating economy, everything costs... Thank you for the topic
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