Class 7: Market around us
Questions covered are:
1. What is a market, and what are its different types?
2. What is a weekly market, and what are its features?
3. What are neighbourhood shops, and how are they useful?
4. What are shopping complexes and malls?
5. What is a wholesale market, and why is it necessary?
6. What is a chain of markets? How does it work?
7. How does buying and selling take place without a marketplace?
8. How are markets unequal for buyers and sellers?
Fill in the blanks
Intext questions and answers
Book back questions and answers
******************************************************************
1. What is a market, and what are its different types?
- A market is a place where buyers and sellers come together to exchange goods and services.
- Markets can take many forms depending on their size, structure, and mode of operation.
- The main types of markets are:
- Weekly Markets: Temporary markets held on specific days of the week.
- Neighbourhood Shops: Small, permanent shops near residential areas.
- Shopping Complexes and Malls: Large, multi-storeyed spaces with branded and non-branded shops.
- Wholesale Markets: Markets where goods are sold in bulk to retailers.
- Online Markets: Platforms where goods and services are purchased over the internet.
2. What is a weekly market, and what are its features?
A weekly market is a temporary market set up at a specific location on one or two days of the week.
Features:
- Sellers use makeshift stalls or spread their goods on the ground.
- No permanent shops are present.
- Goods are generally cheaper due to the absence of rent, electricity, or labor costs.
- Bargaining is common, and there is competition among sellers.
- All essential goods, such as groceries, clothes, and utensils, are available in one place.
3. What are neighbourhood shops, and how are they useful?
- Neighbourhood shops are small, permanent shops located close to residential areas.
- Usefulness:
- They are convenient because of their proximity to homes.
- Buyers and sellers often know each other, creating trust.
- Many of these shops offer goods on credit, which is helpful for families.
- They provide essential items like milk, groceries, medicines, and stationery on any day of the week.
4. What are shopping complexes and malls?
- Shopping Complexes: These are clusters of shops located in a single area, offering a variety of goods and services, including branded and non-branded items.
- Malls:
- Large, air-conditioned multi-storeyed buildings with shops on different floors.
- Malls offer branded goods, food courts, and entertainment options like cinemas.
- Goods in malls are often expensive because of the high rent and advertising costs.
5. What is a wholesale market, and why is it necessary?
- Definition: A wholesale market is where goods are sold in bulk quantities to retailers rather than individual consumers.
- Necessity:
- It acts as a link between producers and retailers.
- Wholesale traders buy goods in large quantities, store them, and sell them to smaller traders, ensuring a continuous supply of goods.
- It helps distribute goods to faraway places through a chain of markets.
6. What is a chain of markets? How does it work?
A chain of markets refers to the series of connections between producers, wholesale traders, retailers, and consumers.
How It Works:
- Goods are first produced in factories, farms, or homes.
- Wholesale traders purchase these goods in bulk and sell them to smaller traders or retailers.
- Retailers then sell these goods to consumers in markets like weekly markets, neighbourhood shops, or malls.
Example: Vegetables grown on a farm are sold to wholesale traders, who distribute them to smaller traders. These traders sell them to hawkers or retailers, who then sell them to customers.
7. How does buying and selling take place without a marketplace?
- Buying and selling can occur through various means outside physical marketplaces:
- Online Shopping: Goods can be ordered on websites or apps and delivered to homes.
- Phone Orders: Consumers can place orders for goods over the phone.
- Direct Sales: Sales representatives visit homes, clinics, or offices to sell products like medicines or household items.
- These methods save time and offer convenience, especially in urban areas.
8. How are markets unequal for buyers and sellers?
- Buyers and sellers in markets experience inequality due to differences in income and resources.
- For example:
- A weekly market seller has limited resources and earns a smaller profit compared to shop owners in malls, who earn more due to higher-priced goods.
- Wealthy buyers can afford branded items from malls, while poorer buyers may only afford goods from weekly markets or roadside stalls.
- These differences highlight economic inequality in society.
Fill in the blanks:
- The __________ market is where goods are bought and sold in bulk, often by traders.
- __________ is a middleman who buys goods from the wholesaler and sells them to retailers.
- A __________ market involves the exchange of goods and services without the use of money (e.g., barter system).
- The __________ is a place where people sell their goods on streets, often in a temporary setup.
- __________ is the term used for the people who create products or services that are sold in the market.
- The __________ in a market determines the quantity of goods available and the price at which they are sold.
- __________ is the money paid by consumers to buy goods and services in the market.
- __________ goods are those which are made and sold for a specific purpose, like medicines or tools.
- A __________ market is where products like clothes, electronics, and food are sold to consumers.
- __________ markets are online platforms where goods and services are bought and sold over the internet.
- The __________ of a product or service in a market refers to how much of it is available for sale.
- __________ is when a seller sets a price for goods or services based on demand and supply.
- The __________ market is where services, such as education and healthcare, are traded.
- __________ markets consist of local producers who sell their products directly to consumers.
- __________ involves the exchange of goods or services in return for something else, such as barter.
Answers:
- wholesale
- retailer
- barter
- street
- producers
- demand
- Price
- Durable
- retail
- e-commerce
- supply
- Price determination
- service
- Local
- Trade
In-Text Questions and Answers
- Why do people go to a weekly market? Give three reasons.
- Weekly markets provide a variety of goods in one place, making shopping convenient.
- Goods are cheaper as sellers avoid expenses like rent and electricity.
- Buyers can bargain with sellers to get better prices.
2. Why are things cheap in the weekly market?
- Sellers avoid expenses such as shop rent, electricity bills, and paid workers.
- Most sellers are small traders who use family labor, reducing costs.
- Competition among sellers ensures lower prices for buyers.
3. Why do people not bargain in shops located in malls whereas they bargain in weekly markets?
- In weekly markets, sellers are small traders who can adjust prices based on negotiation.
- In malls, goods have fixed prices set by companies, leaving no room for bargaining.
- Malls often sell branded goods with standardized prices.
Book-Back Questions and Answers
1. In what ways is a hawker different from a shop owner?
- Hawker:
- Sells goods on the roadside or in temporary stalls.
- Offers goods at lower prices.
- Usually carries goods to different locations daily.
- Shop Owner:
- Operates from a permanent shop.
- Sells goods at higher prices due to higher operational costs.
- Has a fixed location.
2. Compare and contrast a weekly market and a shopping complex.
| Aspect | Weekly Market | Shopping Complex |
| Kind of Goods Sold | Basic goods like vegetables, clothes, etc. | Branded and luxury items. |
| Prices of Goods | Cheaper due to low operational costs. | Expensive due to brand value and high rent. |
| Sellers | Small traders, hawkers. | Large business owners and showrooms. |
| Buyers | Common people with limited budgets. | Wealthier people who can afford high prices. |
3. Explain how a chain of markets is formed. What purpose does it serve?
- A chain of markets connects producers, wholesale traders, retailers, and consumers.
- Goods produced in factories or farms are sold to wholesale traders in bulk, who then sell to smaller retailers.
- Retailers sell the goods to consumers in local markets.
- This chain ensures goods are distributed efficiently and reach consumers in different parts of the country.
4. “All persons have equal rights to visit any shop in a marketplace.” Do you think this is true of shops with expensive products? Explain with examples.
- In principle, everyone has the right to visit any shop, but affordability limits access to expensive products.
- For example, while a person may enter a mall selling branded clothes, they may not buy due to high prices.
- Economic inequality restricts true access to such shops.
5. “Buying and selling can take place without going to a marketplace.” Explain this statement with examples.
- Buying and selling can happen through:
- Online Shopping: Websites like Amazon or Flipkart allow purchases from home.
- Direct Sales: Sales representatives sell products door-to-door.
- Phone Orders: Goods can be ordered over the phone and delivered.
- These methods save time and are convenient, especially in urban areas.