Competition Drives Clarity in Business; Cash & Barter Rules.

Competition from rival competitors brings clarity on the involvement of other families and companies in the business. Scarce resources and goods affect the prices of market materials of these products. There is an increase in the market price of a product as its availability is limited. During the crisis and the planters are in much need of money, the best method is to restrict credit business. Business is by cash and barter to get returns. Investment into better clients where Newman`s sent their trading raft to further region seeking better creditors (David Macdonald, n.d., p 146). During a crisis, Newman's prevented the supply system because supply was unequal between the consumers and producers.

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During rough conditions, merchants are bound to gain much wealth by exploiting the planters. Risk-takers merchants give credits and loans, and some perceive it as a form of investments since more credit is directly proportional to better returns. Supply is symbolized as a truck because it involves goods and money (David Macdonald, n.d., p 151). Therefore, supply viewed in three different ways: firstly, for the supply of goods and services to be rendered, credit, and time to pay back is critical. However, it links the debtor ultimately the merchant hence the mutual existence and the importance of one to the other. Secondly, supply characterized by productivity where there is a moderator. The merchants acted as the middlemen and also as the controller for the movement of goods which technically they are not the owners.

2.a F

Explanation: fishery was a common commodity in which they each shared. Merchants found a steady and stable customer, while fishers found supplies for the maintenance of their families. They both needed each other hence, ipso facto explains their mutual relationship. In the fishing industry, it was unpredictable; consequently, when times were tough during bad years, the fishermen found somewhere to obtain their daily meal.

b quote 1: "fishermen could not conduct the fishery from their resources... the merchants by controlling the accounting.....were able to turn in profits"(p. 142)

Explanation: the supply system brought about a custom in which fishers rely on merchants for credit, supplies of materials such as food materials and fishing materials for the survival of his family. There was a balance in material transfer between the parties in good years.

Quote 2: "[M]utual benefit- a supply of fish was exchanged for a share of the risk of the voyage." (p. 142)

Explanation: in the supplying of fish to the merchants, the fishermen also shared in the spoils of the merchants as they were able to obtain materials from the merchant's travels.

Quote 3: "credit ...... gave merchants a stable, tied clientele and gave the fishermen a buffer against the uncertainties of the industry" (p. 143)

Explanation. Basing on fishery being a regular commodity for all, the merchants invested into the shared resource to prevent debauchery for economic rent. `Truck` as she called credit ensured that the merchants had secure consumer and the fishermen support from the obstacles of the fishing industry.

3

False

The fishers had total control over the fishing zones and moved to the fishing areas with their families to fish since it was their primary source of income. The fishing trips ended with death to some of them.

4a

cod liver oil

b i)1874ii)1876c1911-1915

dThe sale of the Scott emulsion cod liver oil, which was said to heal all chronic diseases and build weak bodies of the young and the old.e "New Foundland`s cod liver oil industry." the Wetaskin Times -A Norwegian newspaper printed it, and it had few readers. This was an attempt to diminish the cod liver oil from there. The evidence is relevant because the production of more cod liver oil attracted fake companies that used the brand from the two central countries that produced cod liver oil. The companies with no names affected the integrity of their products causing the consumers to use alternative products. It led to the creation of fake oil for sale. (Peel`s Prairie Province, n.d.).

f In August 1873, the Daily Colonist was talking about the contents of cod liver oil, in January 1895 the newspapers were talking about the shipment of cod of from Newfoundland (Peel`s Prairie Province, n.d.).

This evidence is relevant because cod was an essential raw material for the production of materials for export hence exporting the raw materials indicates a lack of resources for its manufacture

References

David MacDonald. (n.d.). Newman and Company and the Supplying System in the Newfoundland Fishery, 1850-1884.