What do you mean by fair trade practice? Explain.

1.	What do you mean by fair trade practice? Explain.
Answer» A business unit that provides said quality and services, does not involve in black marketing or hoarding, does not mislead its customers with false advertisements, etc. is said to follow fair trade practice. Objective to adopt fair trade practices: A business unit should see that it does not fall into practices that are against the well-being of society. For example, black marketing, hoarding, misleading advertisements, creating artificial scarcity, etc. are unfair practices and hence should be avoided. A businessman should adopt only fair trade practices in the welfare of customers and society.

Answer»

A business unit that provides said quality and services, does not involve in black marketing or hoarding, does not mislead its customers with false advertisements, etc. is said to follow fair trade practice.

Objective to adopt fair trade practices:

A business unit should see that it does not fall into practices that are against the well-being of society. For example, black marketing, hoarding, misleading advertisements, creating artificial scarcity, etc. are unfair practices and hence should be avoided.
A businessman should adopt only fair trade practices in the welfare of customers and society.

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What do you mean by fair trade practice? Explain.

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