Purchase and Sale — Flashcards

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Purchase is a process through which a person gets the ownership of some goods or properties transferred in his name from another person, on payment of money. Example: buying a shirt from a shop is a p…

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Sale is a process through which the ownership of some goods or properties is transferred from one person, the seller, to another person, the buyer, for a price. Example: when a shopkeeper gives a shir…

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Sale and purchase always go together because whenever one person sells goods, another person buys them. Every sale has a buyer, and every purchase has a seller.

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The two parties are the seller and the buyer. The seller transfers ownership of goods or property, and the buyer receives that ownership after paying money.

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Ramesh buys ready-made garments from wholesalers, so he acts as a buyer in that transaction. When he sells a shirt to a customer, he acts as a seller. The example shows that one person can be a buyer …

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A buyer should consider four things: needs, attributes of the commodity or service, price affordability, and social and cultural aspects. These help in choosing the right product at the right price.

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Profit is the reward for risk-taking by businessmen and also the return on the capital invested by them. Goods and services must be sold for a business to earn profit.

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All activities done to identify needs, ensure satisfaction, make goods available, keep prices affordable, and create awareness are called marketing functions. Selling is a part of marketing, but selli…