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CAUSES AND EFFECTS OF FLUCTUATION IN THE PRICES OF FOODSTUFFS IN ONDO STATE A CASE STUDY OF ONDO WEST LOCAL GOVERNMENT

CHAPTER ONE

INTRODUCTION

  • Background to the Study.

In a primitive society, marketing is limited and simply because most primitive people are nearly self-sufficient to be exchanged. The exchange of good and services then become a necessity, since the toolmakers, only means of securing food and clothing is by giving the tools in exchange for the surplus being offered by the farmer, the hunter and other specialization. The more the society progresses, the more workers become specialized. At this point, the exchange of goods and services become an indispensable thing. Producers must offer their products in the market to obtain the means of acquiring the goods and services that they needed for continued production.

However, if you pay twenty naira for a bar of bathing soap, probably less than five naira goes to the manufacturer who produces the soap. The rest goes from the manufacturer to you. You may wonder why you cannot buy directly from the manufacturer instead and gain the extra one.

The answer is that, it would be very inconvenient and difficult for every consumer to buy directly from the manufacturer. A consumer may probably have to travel from his home into another town, Ondo to Lagos just to buy the foodstuffs, cloth and a bar of soap. If the manufacturers were to sell to consumer directly, he may not have the time to produce enough soaps, clothes and foodstuffs to go round. In effect, the activities that are involved in moving goods and when consumers want them are very useful. These activities are collectively called marketing.

Therefore, price is the principal factor in the market, price is an offer to sell for a certain amount of currency. The important word is offer, since it indicates that price is subjects to change if sufficient buyers can be found wrong, they must be from the market.

  • Statement of the Problem

The effects of fluctuation in the prices of foodstuffs cannot be over emphasized particularly at the Local Government level.  It contributes greatly to the socio – economic development of the standard of living of the people in the society, enhance growth, and improvement of per capital income of the individual and government at all levels.

Updated: August 17, 2017 — 10:47 am

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