Tag Archives: #marketandsocialjustice

Glossary Post: Two

Market:

According to Coleman (2017) “A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. The area may be the earth, or countries, regions, states, or cities. The value, cost and price of items traded are as per forces of supply and demand in a market. The market may be a physical entity, or may be virtual. It may be local or global, perfect and imperfect.

Description: What are the different types of markets?

A market can be called the ‘available market’ – that of all the people in the area. Within the available market, there is the ‘market minimum’- or the market size, which will buy goods without any marketing effort. This is the lowest sale that a company could get without any action on its part. In today’s world, this level is sinking ever lower” (Coleman, 2017, para 1-3).

In this case market can also be related to the stock market, supermarkets, and other such services. In the developing years market has been developing its own definitions and many individuals relate to it in different ways.

Market Justice:

According to Budetti (2008) “Individual resources and choices determine the distribution of health care, with little sense of collective obligation or a role for government. Known as market justice, this approach derives from principles of individualism, self-interest, personal effort, and voluntary behavior” (Budetti, 2008, para. 1).

Social Justice:

According to the Article The Market as Part of the Consumer Health Context by Consumer Health it states that “social justice is a basis for most public health efferts, in contrast to market justice, social justice suggests that societies have a responsibility to help ensure fair outcomes for all. In this view, fair outcomes are not based solely on what a person or group earns by choosing healthy behaviors” Consumer health, 2017, para. 17).

References

Budetti, P. P. (2008, January 2). Market justice and moral compass. Retrieved July 20, 2017, from http://www.pnhp.org/news/2008/january/market_justice_and_m.php

Coleman, B. (2017). Definition of ‘Markets’. Retrieved July 20, 2017, from http://economictimes.indiatimes.com/definition/markets

Consumer Health (2017). The Market as Part of the Consumer Health Context. Retrieved July 20, 2017.

 

Market Justice and Social Justice

Sorry to post a little late. It has been a crazy week especially with the 4th of July being on Tuesday. I hoper everyone enjoyed the holiday and was safe.

As for the article, I found it very interesting how the use of language and ideas changes words because the example of a market has changed over the past couple years. Now, I dont use the stock market quite yet, because I am still in college. However, more and more people often think of the stock market instead of a grocery store or a farmers market.

Just in a couple years, our perception of a market has changed from a physical form of the store market to something that is used on the computer as well as gaining money, whereas the store market we don’t usually gain money.

Knowing the difference between market justice and social justice can be very essential in making consumer health decisions. Knowing the vocabulary and ideas centered around them can help make good choices. From the article, social justice if helping others, the community around them and building together, whereas, market justice is all about the business basically. Just like most businesses, it is all about the money.

If we can be more knowledgeable about businesses and franchises based on these two ideas, then we could make many smart choices when it comes to consumer health. Knowing market justice has more of a self-interest goal while social justice seeks to help everyone, can help better the economy and grow when it comes to consumer health.