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NCERT Class 7 Social Science Chapter 18 Markets Around Us
Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. CBSE Class 7 Social Science Solutions are part of All Subject Solutions. Here we have given NCERT Class 7 Social Science Chapter 18 Markets Around Us and After, NCERT Class 7 Social Science Textbook of Our Pasts – II: History, Social and Political Life – II: Civics, Our Environment: Geography. for All Chapters, You can practice these here.
Markets Around Us
Social And Political Life-II [Civics]
QUESTIONS WITH ANSWERS
Q.1. In what ways is a hawker different from a shop owner?
Ans: 1. A hawker does not have a permanent shop like a shop owner.
2. The goods he (a hawker) sells are not of good qualities, while a shopkeeper sells good quality goods.
Q.2. Compare and contrast a weekly market and a shopping complex on the following:
Q.3. Explain how a chain of markets is formed. What purpose does it serve?
Ans: Chain of markets can be explained as follows:
(a) Goods are produced in factories, on farms and in homes. We do not buy them directly from the factory or the farm.
(b) The wholesale trader provide us these goods. He is the link between the producer and the final consumer.
(c) He (wholesaler) buys goods in bulk and sell these goods to the retailers, who finally sell these goods to the consumers. Thus, in this way we come to the conclusion that from factories to final consumers, a chain is formed which we may call a chain of markets.
It serves great purpose and maintains flow of money. It makes easy availability of various goods and items of our daily use.
Diagram shows chain of market:
Q.4. ‘All persons have equal rights to visit any shop in a market-place.’ Do you think this is true of shops with expensive products? Explain with examples.
Ans: No, it is not true for shops with expensive products. This is because the companies producing branded products through shops in urban markets and at times, through special show rooms. Fewer people can afford to buy branded goods and hence rights are restricted.
For example: Sujata and Kavita, who entered a shop that was selling branded readymade clothes were stared at by the security guard. They could not even buy a dress since most of them were expensive.
Q.5. ‘Buying and selling can take place without going to a market-place’. Explain this statement with the help of examples.
Ans: Technology has changed the traditional concept of marketing by manual presence in the market to buy and sell anything. Now it is not necessary to go to the market to purchase goods. Anyone can place orders for a variety of things through the phone or the Internet and the goods are delivered at the home or place where needed.
For example: Many sites on the net today help in selling and buying commodities we required.
Thus, retailer or consumer can place order for any items without going to market.
Q.1. Why do people go to weekly markets? Give three reasons.
Ans: People go to a weekly markets because:
(a) Many things in the market are available at low rates.
(b) These markets can fulfill their everyday needs.
(c) Almost all things are available at one place.
Q.2. Who are the sellers in a weekly market? Why don’t we find big business persons in these markets?
Ans: Small traders are the sellers in a weekly market who store their things at home and sell them at cheap rates in the market.
We do not found big business persons in a weekly market because of their large shops permanently fixed at a place. It is not convenient to shift the shop from place-to-place daily.
Q.3. Why are things cheap in the weekly market?
Ans: Things are cheap in the weekly market because:
(i) The shops are not permanent there. Traders set up shops for a day. They sold out their goods and move to next place. They do not have to bear the shop establishment cost.
(ii) Their shops are usually small and family members are enough to run them.
Q.4. Explain with an example how people bargain in the market. Can you think of a situation where the bargain would be unfair?
Ans: Weekly markets also have a large number of shops selling the same goods which means there is competition between them. If some traders were to charge a higher price, people can bargain and bring the price down. The bargain would be unfair if the shopkeeper has not kept any margin for his product.
Q.5. Why did Sujata carry a note book? Do you think this system is useful? Can there be problems?
Ans: Sujata carried a notebook along with her so that the amount of money of purchase could be noted down. This bond of trust allowed Sujata to pay on credit. However, this could create the following problems:
(i) Insecurity for the seller (if the buyer is unknown).
(ii) A sense of doubt.
Q.6. What are the different kinds of shops that you find in your neighbourhood? Who do you purchase from them?
Ans: There are different kinds of shops that we find in my neighbourhood like departmental stores, dairy, roadside stalls, stationery, etc. We can purchase milk from the dairy, groceries from departmental stores, pen and pencil from the stationery shops and vegetables, fruits from the roadside stalls, medicine from chemist shop, cakes and Pastry from bakery shop, etc.
Q.7. Why are goods sold in permanent shops costlier than those sold in the weekly markets or by roadside hawkers?
Ans: It is because
(i) The permanent shop owners have to pay rent, electricity, tay to the Government.
(ii) They also have to pay wages to their workers while in weekly markets, most of the shop owners are helped by their family members and they need not to hire workers.
(iii) There is less competition and bargaining among the permanent shops.
Q.8. Why do you think the guard wanted to stop Kavita and Sujata from entering the shop? What would you say if someone stops you from entering a shop in a market?
Ans: (i) We thank that the guard wanted to stop Kavita and Sujata from entering the shop because he might have guessed from their appearance that they were poor girls who would not afford to buy costly item of the Mall.
(ii) If someone stop me from entering a shop in a market I will resist him/ her. I have full right to visit any shop even though I don’t have any money in my pocket.
Q.9. Why do people not bargain in shops located in Malls whereas they bargain in weekly markets?
Ans: Branded goods are expensive often promoted by advertising and are of better qualities. Hence, people sustain a sceptical nature of bargaining in these large urban markets on special showroom. Only the people who afford to buy these goods generally visit these shops.
Q.10. How do you think your neighbourhood shop gets its goods? Find out and explain with examples.
Ans: A neighbourhood shop is generally controlled by a retailer who gets its goods from the wholesaler.
For example, the vegetable wholesale trader will not buy few kilos of vegetables from farmers but in large quantities. These will be then sold to our neighbourhood grocer. Buying and selling take place between traders and goods shall reach us.
Q.11. Why is a wholesale trader necessary?
Ans: The producer, on its own cannot send its goods to the final consumers or retailing shop. It is with the help of a wholesale trader that goods reach faraway places. It is from here that a retailer buys the goods so that it reaches the final consumers.
SOME OTHER IMPORTANT QUESTIONS FOR EXAMINATION
Very Short Answer Type Questions
Q.1. What do you know about market?
Ans: A market is place where the buyers and sellers meet and conduct buying and selling activities.
Q.2. Name the place where the shopping complexes found.
Ans: Shopping complexes are found in the urban areas, cities etc.
Q.3. Give the name of the market which held only on a specific day of the week.
Ans: Weekly market.
Q.4. Who is the first key in the chain of markets?
Q.5. Define a neighbourhood market.
Ans: Many shops that sell goods and services in our neighbourhoods, is called neighbourhood market.
Q.6. Describe the retailers.
Ans: The traders who finally sell goods to the consumers, are known as retailers. They can be traders in a weekly market, hawkers in the neighbourhood or shops in a shopping complex.
Q.7. What is ‘Barter’?
Ans: Barter is a system where goods or services are directly exchanged for other goods or services without using money.
Q.8. Who are in between the producer and the final consumer?
Ans: Wholesalers, distributors and retailers are in between the producer and the final consumer.
Q.9. How is the chain of markets formed?
Ans: The chain of market is formed before goods are sold to us.
Q.10. Name two ways by which we don’t need to go and buy goods necessarily.
Ans: Two ways are:
(i) Sales representatives.
Q.11. Explain the industrial markets.
Ans: Industrial markets involve the sale of goods that are not aimed directly at consumers, but at industries and business establishments.
Q.12. Write the name of different kinds of markets.
Ans: There are many kinds of markets:
(i) Retail markets.
(ii) Wholesale markets.
(iii) Weekly markets.
(iv) Neighbourhoods shops or markets.
(v) Shopping complex.
Q.13. Does production offer equal opport-unities?
Q.14. Write the full form of AMC.
Ans: The full form of AMC refers to Annual Maintenance Contract.
Q.15. What is M.R.P. stand for?
Ans: M.R.P. stands for Maximum Retail Price.
Short Answer Type Questions
Q.1. When will a price be higher-a retail price or a wholesale price? Why?
Ans: A retail price will be higher than a wholesale price. The wholesale seller to a retailer at a higher price than charged by the producer to gain a profit. In order to gain a profit, the retailer sells it at a higher amount than that he was sold at.
Q.2. Describe the chain of markets.
Ans: It is a series of markets inter-connected in links or chains because products pass from one country to another.
Q.3. Manton any three features of weekly markets.
Ans: Three main features of weekly markets are:
(i) Traders set up temporary shops for the day. They may set up the Shops at a different place the next day.
(ii) The traders do not require much money to set up a shop in a weekly market.
(iii) Most of the goods sold here, are not branded. So they can easily available on cheap rates.
Q.4. Do you agree that ‘Internet has brought a revolution in the availability of markets’? Explain.
Ans: Yes, we agree with this statement because today we can place order for a variety of things on the internet and the goods are delivered at our home. This allows easy availability, accessibility and economic feasibility of goods. Internet always or often does offer exciting deals or gifts.
Q.5. What are the extra expenditures incurred in permanent shops that are not incurred in the weekly market?
Ans: There are various expenditures incurred in permanent shops which are not in weekly market. For example:
(i) They have to pay rent, electricity and sometimes fees to the Government.
(ii) They have to pay wages to their workers.
Q.6. How do companies advertise their product?
Ans: The companies producing goods make a lot of effort and spend lots of money in advertisement. They make video clips put up huge poster depicting popular personalities using their products. These are displayed outside alone roads, in markets.
Q.7. Compare the shops in the neigh-bourhood, weekly market and malls on the basis of goods available.
Q.8. Who is Sampath and what does he do?
Ans: Sampath is a small trader in the weekly market. He buys clothes from a large trader in the town and sells them in six different markets in a week.
Q.9. What do you mean by ‘Malls’?
Ans: The large multi-storeyed air-conditioned buildings with shops on different floors are known as Malls. This is an enclosed shopping space. This is usually a large building with many floors that has shops, restaurants and, at times, even a cinema theatre.
Q.10. What is the difference between warranty and AMC?
Ans: Warranty: A warranty is a guarantee that the seller will replace or repair the purchased goods if they do not match the buyer’s expectations or goes bad within a certain duration-say, a year.
AMC: It is stand for Annual Maintenance Contact. It is another facility today, herein the manufacturer provides support and services to the consumer for a fixed period at a fixed charge.
Q.11. Where do the farmers normally sell their agricultural produce in bulk?
Ans: Mandi is the place where agricultural produce is sold away in bulk by the farmers and the wholesaler purchase it and moves it to his stores normally called Godown or into Cold storages. It is because it is not possible for the farmer to come down to the markets and it there himself huge quantity.
Q.12. Make the difference between retail and wholesale.
Ans: Wholesale involves the act of buying goods in large quantities and selling them to retailer. Retail involves the act of buying goods in large quantities and finally selling them to the consumer.
Q.13.Why are branded goods preferred over non-branded goods?
Ans: Branded goods are preferred over non-branded goods because they are often promoted through advertising and claims of better quality.
Q.14. What do you understand by wholesale market?
Ans: Every city has areas for wholesale markets. This is where goods first reach and are then supplied to other traders.
Q.15. Write a short note on markets in urban areas.
Enumerate the features of shopping complexes or malls.
Ans: In urban areas there are many shops which are popularly known as shopping complexes. There are also 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.
Long Answer Type Questions
Q.1. Explain about a day business of a wholesale vegetable trader with an example.
Ans: (i) Sohan is a vegetable wholesale trader. His business starts at 2-3 in the morning when the vegetables reach the market, i.e., mandi.
(ii) He decides what to buy. Today, for example, he bought 5 quintals of cauliflowers, 10 quintals of onions.
(iii) He stored them in his shop. He starts selling them to hawkers and small shopkeepers around six in the morning.
Thus, his daily business starts 2 in the morning and finishes around 8 in the night as a wholesale trader.
Q.2. Write about the markets we might be unaware of with two detailed examples.
Ans: Some of the markets that act as inputs to an industry and help in the formation of products that finally reach us, are markets that we might be unaware of. These are feeder markets whose goods we don’t require and hence we don’t recognise them.
Two examples for the same are given below:
(i) We may want to acquire the food crop or food item sold by a retailer but we may not be interested in knowing the market from where the farmer sought his production needs (seeds, fertilizer etc.).
(ii) A car factory purchases engines, seats, wheels gears, petrol tanks, but we are interested in only buying the product, i.e., the car.
However, it is also true that the producers recognise these shops.
Q.3. Write down the rights and duties of a customer.
Ans: As stated under the Indian Laws the customer has been given certain rights and duties.
(i) Right to be Informed-about price, quality, purity.
(ii) Right to be Heard-Customer’s interest and welfare must. be taken care of.
(iii) Right to Safety-to protect against hazardous goods.
(iv) Right to Customer Education-knowledge about goods and issues related to customers.
(i) Get a bill for every important purchase and also the warranty card.
(ii) Check the ISI mark or Agmark on the goods.
(iii) Form customer awareness groups.
(iv) Make a complaint genuine on grievances.
(v) Consumers (customers) must know to exercise their rights.
Higher Order Thinking Skill
Q.1. What are intermediate goods markets? Why these goods are comes under the unaware markets?
Ans: The goods that are used in production process, are known as intermediate goods. For example, fertilizers for growing grains, steel for the production of cars, etc. Intermediate goods are used by the producers. A large number of such goods are brought and sold in this market that we do not use directly. But, they are used in the production process. So, we are generally unaware of this market.
Q.2. Describe the factors which affect people’s choice to different types of markets.
Ans: People’s choice of different types of markets depends on many factors like availability, convenience, quality, price, credit etc. Lets we talk about these factors in details:
(i) Availability: It is an important factor for choice of market because people usually prefers to go in those market where their desirous things are available easily. If it is not possible than they have to go to another place for shopping.
(ii) Convenience: It also affects people’s choice of a market place. Markets that are closer to home and office are very convenient to visit.
(iii) Most people look at the price and quality when they have to buy a product.
(iv) Affordability: Affordability of a product depends on the budget and income of the buyer.
(v) Credit or Debit cards: It is also become the key factors of people’s choice of market. A debit card enables buyer to shop and pay from their bank account. A credit card allows them to purchase goods and pay for it later as a monthly instalments.
Value Based Questions
Q.1. How in a retail market place link is established between seller and by buyer on the basis of equality?
Explain the links between markets and equality.
Ans: Seller: Due to economic differences, there may be sellers working in a shopping complex, weekly market, or shops in the neighbourhood.
A small trader with little money may run a small shop while a big businessman is able to spend a lot of money to set-up the shop. They also earn unequal amounts with the latter making more profits than the former.
Buyers: Buyers are differently place. There are many who are not able to afford the cheapest of goods while others shop in Malls.
These do not allow advantage of equal opportunities by each sector of economy.
Q.2. Why are goods expensive in malls?
Ans: Goods are expensive in malls because:
(a) They are branded.
(b) They are promoted by advertising and claims of better quality.
(c) Lastly, companies producing these products sell them through shops in large urban markets and through special showrooms.
Q.3. “Buying and selling takes place in different ways and not necessary only through shops in the market.” Explain the statement.
Ans: 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 phone and internet and the goods are delivered at our home. In clinics and nursing homes, you may have noticed sales representatives waiting for doctors. Such persons are also engaged in selling of goods.
Thus, buying and selling takes place in different ways, not necessarily through shops in the market.
OBJECTIVE TYPE QUESTIONS
1. Multiple Choice Questions
Tick (✓) the correct option:
1. Which of these things will you not find in a weekly market?
(i) Branded clothes.
(iv) Non-branded clothes.
Ans: (i) Branded clothes.
2. Online shopping means shopping on ________.
(iii) Any of these.
(iv) None of these.
Ans: (ii) Interet.
3. A guarantee that the seller will replace or repair the purchased product if it does not match the buyer’s expectation is called.
Ans: (iii) Warranty.
4. The place where the buyers and sellers meet and conduct buying and selling activities is called _______.
(iv) None of these.
Ans: (ii) Market.
5. Arrange in order of advantaged to less advantaged.
(a) Permanent shop owner in neighbour-hood.
(b) Shopkeeper in weekly markets.
(i) (a), (b), (c).
(ii) (a), (c), (b).
(iii) (c), (b), (a).
(iv) (c), (a), (b).
Ans: (iv) (c), (a), (b).
6. Collecting _______ items has become status symbol.
(iv) Any of these.
Ans: (i) Branded.
7. Cotton is produced by ________.
(iii) Yarn manufacturer.
(iv) Cloth manufacturer.
Ans: (i) Farmer.
8. All manufactured goods are supposed to be labelled with
(i) Minimum retail price.
(ii) Maximum retail price.
(iii) Both (i) and (ii).
(iv) None of these.
Ans: (ii) Maximum retail price.
II. Complete the flow chart:
III. Fill in the blanks:
1. ______ buys his goods from wholesaler.
2. Things are normally expensive in _______.
3. Tele-shopping companies utilise _______ services to deliver the products to the customers.
4. _______ is a wholesale market a primarily for agricultural produce.
5. The market acts as a link between the producer and the _______.
IV. True-False Statements:
1. Hawker sells his goods in large quantity.
2. The goods that we use as a consumer are called final goods.
3. Most of the goods sold in a weekly market, are not branded.
4. The interaction between the buyers and sellers depends on demand and supply.
5. Shopping malls have hawkers.