Answer to Question #247720 in Microeconomics for Sumit

Question

How can you utilize the limited resources to fullfill your needs by petty shopper

Answer 1

Being a petty shopper involves making a big deal out of the limited resources that exist.

For instance, in the village, one can put up a petty shop, i.e. a small shop that does not necessarily have to be equipped with a large quantity of stock but more importantly the basic goods and necessities.

The petty shop occupies only a limited amount of space . It does not need a wider ground for it to be structured.

It is noted that in the village, there exists a low population and therefore a petty shop can serve their needs efficiently and effectively.

Petty shop requires a small amount of starting and running capital which can easily be gotten through borrowing from relatives or friends or taking a small loan from a microfinance institution.

The petty shop can be managed by one as a sole proprietor, this cuts down the cost of hiring employees as in the case of a bigger business set-up.

The petty shop is a good source of employment for those who are jobless. It provides a continous flow of income to the unemployed in the society.