Retail plays an important role in the economy by acting as the link between producers and consumers. Retailers buy goods in bulk from wholesalers or manufacturers and sell them in smaller quantities to customers. This helps make products available to people in local markets, stores, or online. Retail activities generate employment, support local businesses, and contribute to the circulation of goods and services. Retail also influences consumer choices and helps in the growth of businesses by expanding their reach to a wider audience. Thus, retail is a vital part of the tertiary sector and the economy.
This question related to Chapter 14 Social Science Class 6th NCERT.
From the Chapter 14. Economic Activities Around Us.
Give answer according to your understanding.
Retail involves selling goods directly to consumers, making products accessible and boosting economic growth.
Explanation: Shops and supermarkets are examples of retail outlets that serve end-users.
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