BHARAT NO VARSO 4 MATERIAL FILES
The textbook market does
not operate in the same manner as most consumer markets. First, the end
consumers (students) do not select the product, and the people(faculty and
professors) who do select the product do not purchase it. Therefore, price is
removed from the purchasing decision, giving the producer (publishers)
disproportionate market power to set prices high. However, so? argue
that textbooks are really part of another product; the class that the student
registered to take. But the price of the textbook still isn't typically taken
into account when this occurs and isn't part of the perception of the product.
This fundamental
difference in the market is often cited as the primary reason that prices are
high. The term "broken market" first appeared in the economist James
Koch's analysis of the market commissioned by the Advisory Committee on Student
Financial Assistance
This situation is
exacerbated by the lack of competition in the textbook market in the past few
decade has reduced the number of major textbook companies from
around 30 to just a handful. Consequently, there is less competition than
there used to be, and the high cost of starting up keeps new companies from
entering.
New editions and the used book market
Students seek relief from
rising prices through the purchase of textbooks, which tend to be less
expensive. Most college bookstores offer used copies of textbooks at lower
prices. Most bookstores will also buy used copies back from students at the end
of a term if the book is going to be re-used at the school. Books that are not
being re-used at the school are often purchased by an off-campus wholesaler for
0-30% of the new cost, for distribution to other bookstores where the books
will be sold. Textbook companies have countered this by encouraging faculty to
assign homework that must be done on the publisher's website. If a student has
a new textbook, then he or she can use the pass code in the book to register on
the site. If the student has purchased a used textbook, then he or she must pay
money directly to the publisher in order to access the website and complete
assigned homework.
Students who look beyond
the campus bookstore can typically find lower prices. With the ISBN or title,
author and edition, most textbooks can be located through online used book
sellers or retailers.
Most leading textbook
companies publish a new edition every 3 or 4 years, more frequently in math
& science. Harvard economics chair James K. Stock has stated that new
editions are often not about significant improvements to the content. "New
editions are to a considerable extent simply another tool used by publishers
and textbook authors to maintain their revenue stream, that is, to keep up
prices,"] A study conducted by The Student found that a
new edition costs 12% more than a new copy of previous edition, and 58% more
than a used copy of the previous edition.
A mortgage loan, or simply mortgage, is used either by
purchasers of to raise funds to buy real estate, or alternatively by
existing property owners to raise funds for any purpose, while putting
a on the property being mortgaged. The loan is on the borrower's property through a process
known as . This means that a is put into place which allows the
lender to take possession and sell the secured property to pay off the loan in
the event the borrower defaults on the loan or otherwise fails to abide by its
terms. The word mortgage is derived from a term used by in the meaning
"death pledge", and refers to the pledge ending (dying) when either
the obligation is fulfilled or the property is taken through
foreclosure. Mortgage can also be described as "a borrower giving
consideration in the form of a collateral for a benefit (loan)."
Mortgage borrowers can be individuals mortgaging their home or
they can be businesses (for example, their own business premises,
residential property let to tenants or an. The lender will typically be a
financial institution, such depending on
the country concerned, and the loan arrangements can be made either directly or
indirectly through intermediaries. Features of mortgage loans such as the size
of the loan, maturity of the loan, interest rate, method of paying off the
loan, and other characteristics can vary considerably. The lender's rights over
the secured property take priority over the borrower's other which
means that if the borrower becomes , the other creditors will only be
repaid the debts owed to them from a sale of the secured property if the
mortgage lender is repaid in full first.
In many jurisdictions, it is normal for home purchases to be
funded by a mortgage loan. Few individuals have enough savings or liquid funds
to enable them to purchase property outright. In countries where the demand
for is highest, strong domestic markets for mortgages have
developed. Mortgages can either be funded through the banking sector (that is,
through short-term deposits), or through the capital markets through a process
called "securitization", which converts pools of mortgages into
fungible bonds that can be sold to investors in small denominations.
According to Anglo-American , a mortgage occurs when an
owner pledges his or her interest (right to the property) as for a
loan. Therefore, a mortgage is an (limitation) on the right to the
property just as an would be, but because most mortgages occur as a
condition for new loan money, the word mortgage has become the
generic term for a secured by such . As with other types of
loans, mortgages have an and are scheduled to over a set
period of time, typically 30 years. All types of real property can be, and
usually are, secured with a mortgage and bear an interest rate that is supposed
to reflect the lender's risk.
Mortgage lending is the primary mechanism used in many countries
to finance private ownership of residential and commercial property. Although
the terminology and precise forms will differ from country to country, the
basic components tend to be simila
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