Class 7 Social Science Chapter 18 Markets Around Us

Class 7 Social Science Chapter 18 Markets Around Us Question Answer in English Medium to each chapter is provided in the list so that you can easily browse throughout different chapters SEBA Class 7 Social Science Chapter 18 Markets Around Us Notes and select need one.

Class 7 Social Science Chapter 18 Markets Around Us

Also, you can read the SCERT book online in these sections Solutions by Expert Teachers as per SCERT (CBSE) Book guidelines. These solutions are part of SCERT All Subject Solutions. Here we have given Geography, History, Political Science and Economics Assam Board Class 7 Social Science Chapter 18 Markets Around Us Solutions for All Subject, You can practice these here.

Markets Around Us

Chapter – 18

POLITICAL SCIENCE AND ECONOMICS

1. Choose the correct answer:

(a) Customer purchase goods from.

(i) Wholeseller.

(ii) Retailer.

(iii) Producer or Manufacturer.

Ans: (ii) Retailer. 

(b) If the selling price is higher than the cost price the trader earns.

(i) Profit.

(ii) Loss.

(iii) Nothing.

Ans: (i) Profit.

(c) Traders selling goods from house to house are called.

(i) Wholeseller.

(ii) Retailer.

(iii) Hawkers/vendor.

Ans: (iii) Hawkers/vendor.

(d) The sole aim of all traders in buying and selling goods is to-

(i) Increase their selling.

(ii) Earn profit.

(iii) Carn loss.

Ans: (ii) Earn profit. 

2. Write short answer:

(a) What is barter system?

Ans: In the ancient time there was no use of currencies or money in our society. Then people used to exchange goods with other individuals to get the needed goods or items which was not available with them. This way people way of exchanging goods is known as the barter system. 

(b) What is meant by market?

Ans: The system of buying – selling of goods or service through money is called market.

(c) What are the advantages of daily market?

Ans: Daily markets are kept open regularly, we can purchase things from there easily, people have the liberty to choose shops.

(d) What is meant by price of goods?

Ans: The amount paid in terms of money to purchase a things is called the price.

(e) Why is the price of goods in weekly market less/cheaper?

Ans: Most of the villagers sell their agricultural products. The same variety of goods are available in many a shop in the weekly market, so the prices are also comparatively cheap.

(f) Why is Jonbeel mela famous for?

Ans: Jonbeel Mela is one of the most attractive and unique festival of Assam where Barter system comes alive.

3. Write answers:

(a) Write down the differences between daily market and weekly market?

Ans:

Daily Market	Weekly market
We find different shops and markets in our surrounding. These shops are opened and closed at a fixed time each day. Moreover each item has a fixed rate. The current prices of some essential commodities are displayed on boards in such shops for convenience the customers these markets are called daily markets.	Weekly markets have no permanent buildings. The seller store the goods at their own houses.The same variety of goods are available in many a shop in the weekly market, so the prices are also comparatively cheap. Buyers can select shops and buy things through bargain.
In the case of permanent shops or daily markets, they need to bear some expenditure on house rent, electricity, employees etc. That is why, the cost of com- modities in daily markets is higher than that of weekly markets.	Weekly markets have no permanent buildings. The sellers store the goods at their own houses. Another benefit of weekly market is that we can buy all our necessary goods at a time from the same place.

(b) Write the necessity of wholesale traders.

Ans: Market place where wholesale marketing is done is called wholesale market. The whole sellers perchases goods on a large scale from the manufacture or producer. Because of buying goods on a large scale the price of goods in wholesale market is to some extent less. Retailers or vendors buy goods at a cheaper rate from the whole sellers and sell them at a higher price and earn profit. Selling goods at a higher price than the cost price brings profit. The aim of all businessman is to gain profit.

(c) Write what do you understand by market chain.

Ans: A product goes through many processos after its production, before it gets ready for the customer’s use. The process by which a product undergoes to become useful for the customers is known as the supply chain.

Market Chain

Kolkata Hosiery Manufacturer	Kamal Saha and Co.
	↓
Guwahati Wholesale Market	Arun store wholesaler Wholesale Rate
	↓
Sutarpara weekly market	Samsher retail seller Retail rate
	↓ Retail rate
	Mansingh Teron (buyer)

4. Fill in the blanks:

(a) With the help of _______ we purchase our essential commodities from market.

Ans: Retailer.

(b) Wholesale price is ______ than retail price.

Ans: Lower. 

(c) ________ market an old system.

Ans: Barter. 

(d) _________ purchases goods on a large scale from manufacturer.

Ans: Wholesaler.

(e) ________ is a medium for buying and selling goods.

Ans: Market.

(f) If the cost price is less than selling price than there is ________.

Ans: Profit.

5. Project:

Make a list of the locally produced saleable commodities from your own locality Describe in detail to which type of market are they sent for sale.

Ans: Students, do yourself.