Seller
Topic: Production Function, Returns and Costs · NCERT: Class 11, Ch 1 "Introduction (Statistics for Economics)"; Class 11, Ch 8 "Use of Statistical Tools"
Meaning
A seller is someone who sells goods to make a profit. A shopkeeper is the usual example. A seller need not make the goods; they may buy them from producers and sell them on. The same person can be both a producer and a seller, but the two roles are different.
Example
A kirana shopkeeper in Lucknow buys soap from a manufacturer and sells it to local families at a higher price. The shopkeeper is a seller, not the producer of the soap. A farmer who sells their own vegetables at a mandi is both producer and seller.
Don't confuse with
- Producer: a producer makes goods or provides services, such as a farmer, a factory or a doctor. A seller's role is to sell.
Related concepts
- Production
- Producer
- Cost of production
- Revenue
- Production function
- Efficiency in production
- Technology