27 January 2015

Markets Around Us

Markets Around Us : Ncert / Cbse Solutions & Revision Notes


Consumers purchase the goods required from weekly markets, neighborhood markets and shopping malls and complexes. Weekly markets are so called as they are held on a specific day of the week only.

Weekly markets do not have permanent shops but temporary shelters or the sellers sit in open. The sellers do not have to pay electricity and rent also and the goods are available are considerably cheap rates.

Unlike weekly markets, the neighborhood markets have permanent shops and roadside stalls offering more variety of goods and services. The shops are either owned by the seller or they pay rent. The sellers are familiar with the residents of the area and so even give goods on credit.

Shopping complexes on the other hand, are huge structures with rows of numerous shops. Shopping malls further are multi-storeyed buildings which offer amazing shopping atmosphere offering both branded and local goods. At times, residents simply make a call to the seller for the goods or place order online.
Get to know about Markets Around Us (Ncert / Cbse Solutions & Revision Notes), Chapter Summary CBSE / NCERT Revision Notes, CBSE NCERT Class VII (7th) | Social Studies | Social and Political Life, CBSE NCERT Solved Question Answer, CBSE NCERT Solution.
There is a long chain facilitating the transfer of goods from the producer to the consumer. The goods
are initially produced in factories or grown on farms. These are then sold by the producer to the wholesale traders in bulk, located in different parts of the city.

The wholesale trader further sells the goods to small wholesale traders, who in turn supply the goods to retailers in the city. It is the retailers who sell the goods to the end consumers.

CBSE NCERT Class VII (7th) | Social Studies | Social and Political Life

Chapter  :  Markets Around Us

CBSE NCERT Solved Question Answer

Q1 What is a market?
The market is a place where buying and selling of many things like soap, vegetables, fans, shirts etc. takes place.

Q2 What are the different types of markets?
There are many kinds of markets that we may visit for our everyday needs: these can include
·         Shops and hawker stalls in our neighbourhood
·         A weekly market
·         A large shopping complex and a mall

Q3 What are the different types of markets?
A weekly market is so called because it is held on a specific day of the week.

Q4 What kind of shops is found in the weekly markets?
Weekly markets do not have permanent shops. Traders set up shops for the day and then close them up in the evening. People come here for their everyday requirements.

Q5 Why the things available in the weekly markets are cheaper? Many things in weekly markets are available at cheaper rates.
This is because when shops are in permanent buildings, they incur a lot of expenditure – they have to pay rent, electricity, fees to the government. They also have to pay wages to their workers.
In weekly markets, these shop owners store the things they sell at home.
Most of them are helped by their family members and, hence, do not need to hire workers. Weekly markets also have a large number of shops selling the same goods which means there is competition among them. If some trader were to charge a high price, people would move to another shop where the same thing may be available more cheaply or where the buyer can bargain and bring the price down.

Q6 Give the advantages of the weekly markets.
·         Many things in weekly markets are available at cheaper rates.
·         Another advantage is that most of the things are available at one place. So the people don’t have to go to different places to buy different things.

Q7 What is the nature of shops in the neighbourhood?
Many of these are permanent shops, while others are roadside stalls such as that of the vegetable hawker, the fruit vendor, the mechanic, etc.

Q8 What are the advantages of the shops in the neighbourhood?
Shops in the neighbourhood are useful in many ways. They are near our home and we can go there on any day of the week.
Usually, the buyer and seller know each other and these shops also provide goods on credit. This means that you can pay for the purchases later.

Q9 Give the characteristics of shopping malls and shopping complexes.
There are other markets in the urban area that have many shops, popularly called shopping complexes.
These days, in many urban areas, you also have large multi-storeyed air-conditioned buildings
with shops on different floors, known as malls.
In these urban markets, you get both branded and non-branded goods. Branded goods are
expensive, often promoted by advertising and claims of better quality.

Q10 Who are traders?
The people in between the producer and the final consumer are the traders.

Q11 Who is a whole-seller and a retailer?
The wholesale trader first buys goods in large quantities. The trader, who finally sells this to the consumer, is the retailer.

Q12 What is Chain of markets. Give an example to state how is the chain of market set up. 
A series of markets that are connected like links in a chain, as the products pass from one market to another.
Every city has areas for wholesale markets. This is where goods first reach and is then supplied to other traders. The roadside hawker would purchase a large quantity of plastic items from a wholesale trader in the town. He, in turn, might have bought these from another, even bigger wholesale trader in the city. The city wholesale trader would have bought a large quantity of plastic items from the factory and stored them in a godown. In this way, a chain of markets is set up.

Q13 What are the alternate ways of buying goods than going to the market?
It is not always necessary that one has to go to the market to purchase goods. We can place orders for a variety of things through the phone and these days through the Internet, and the goods are delivered at your home. In clinics and nursing homes, sales representatives also engaged in the selling of goods.
Thus, buying and selling takes place in different ways, not necessarily through shops in the market.

Q14 How are shop keepers in weekly market different from those in the shopping complex?
1.      The trader in the weekly market is a small trader with little money to run the shop whereas the other is able to spend a lot of money to set up the shop.
2.      The weekly market trader earns little compared to the profit of a regular shop owner in a shopping complex.
3.      The buyers at weekly market can be among those who are not able to afford the cheapest of goods while others are busy shopping in malls.