What basis should an artisan use while negotiating price in handicrafts?
Answer and explanation
Correct answer: Cost, labour time, quality and market price
During price negotiation, an artisan should consider the cost of materials, labour time, product quality, and the prevailing market price. This helps ensure a fair price and prevents the artisan from accepting an amount below the cost of production. Relying only on the customer’s quoted price is unsuitable because it may not reflect the cost and skill involved. Exam tip: Remember the key bases of fair pricing—cost, labour, quality, and market conditions.
Frequently asked questions
What is the correct answer to this question?
Cost, labour time, quality and market price
Why is this the correct answer?
During price negotiation, an artisan should consider the cost of materials, labour time, product quality, and the prevailing market price. This helps ensure a fair price and prevents the artisan from accepting an amount below the cost of production. Relying only on the customer’s quoted price is unsuitable because it may not reflect the cost and skill involved. Exam tip: Remember the key bases of fair pricing—cost, labour, quality, and market conditions.
Which subject and chapter does this question cover?
This is a Class 11 Home Science question. Chapter: Work, Livelihood and Career. Topic: Traditional occupations in India - Handicrafts.
