Credit: San Diego State University
If you are a consumer and/or entrepreneur who can make decisions based on cost, competition, supply and demand, you probably possess an element of marketplace literacy. Marketplace literacy is defined as the knowledge and skills that enable individuals to participate in a marketplace both as consumers and entrepreneurs. San Diego State University marketing professor Nita Umashankar, along with professors Madhubalan Viswanathan (Loyola Marymount University), Arun Sreekumar (University of Illinois at Urbana Champaign) and Ashley Goreczny (Iowa State University), explored the impact on marketplace literacy on approximately 1,000 people in 34 remote villages in India and Tanzania.