Warehousing — Flashcards

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Warehousing is the storage of goods on a large scale in a systematic and orderly manner and making them available conveniently when needed. It means holding or preserving goods in huge quantities from…

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A warehouse is the place where goods are kept for storage. It is used to store goods safely until they are needed for use, sale, or distribution.

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The warehouse-keeper is the person in charge of a warehouse. This person is responsible for the safekeeping of goods and bears the risk of loss or damage once the goods are handed over.

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Warehousing is an important auxiliary to trade because it helps in the smooth flow of goods. It creates time utility by bridging the time gap between production and consumption of goods.

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Time utility means the value created when goods are made available at the time they are needed. Warehousing removes the hindrance of time by storing goods and supplying them later when demand arises.

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Some goods are produced in a particular season but are needed throughout the year. Warehousing stores such goods so they can be supplied whenever required, such as agricultural products harvested in o…

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Some goods are demanded only in certain seasons, such as woollen garments in winter or umbrellas in the rainy season. Warehousing stores these goods throughout the year so they are available at the ti…

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Modern production often takes place on a large scale to meet present and future demand. The finished goods need proper storage until they are sold, so warehousing becomes necessary.