The Farmers Market, with Economics and Business IB
03 October 2017 13:09
Do you know how much tomatoes are nowadays? Are the sellers really farmers? What are the reasons to sell on the farmers' market.
Well, look no further for answers, our Economics and Business IB 1 students conducted market research, collected data and below are some answers to the questions.
Tomato prices vary from 0,75 to 1.50, there are many sellers that try to differentiate their products to charge higher prices, the market structure is similar to a Perfectly Competitive Market.
Most of the sellers are not farmers but retailers. They are mostly sole traders and wish to be their own boss but do not like it when the weather is bad, moreover tax increases and increased competition reduced their profits the last few years and most of them are not optimistic about the future.
The students were excited to collect first hand data and apply what they learned in class. Now they said understand how markets work better. The sellers were happy to assist our students and answered most questions.
The students had a very valuable experience and can help their parents next time they go to the Farmers Market.
Mrs. Katerina Tsaloumi