WAEC - Economics (2019 - No. 24)
Middlemen are made up of
manufacturers, wholesalers, and consumers
manufacturers, wholesalers, and retailers
wholesalers, retailers and hawkers
wholesalers, retailers, and consumers
Explanation
Middlemen are agents who play the role of an intermediary in a distribution or transaction chain that facilitates interaction between parties. They include wholesalers, retailers, agents, and brokers.
For those who may be confused about a hawker being a middleman, remember a hawker does the same thing a retailer does, - sells to the final consumer. The difference between a hawker and a retailer is in the mode of conducting business. While a retailer may have a kiosk, shop, or store where their goods are sold, a hawker moves from one place to another to sell different products.
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