(CLASS - 7th) CHAPTER - 23 Markets Around Us (Questions and the Answers)
1. Define a market. Name different kinds of markets. Market can be defined as a place where buyers and sellers engage in the activity of the sale & purchase of good. There are two main types of markets - Wholesale markets Retail markets 2. State the results of competition among workers. Competition among workers mainly results in disunity and Jealousy. 3. Why is there a difference in prices between a wholesale and a retail market ? Wholesaler buys directly from the producers or the manufacturers. The products are directly bought from he manufacturers in bulk. They are available at cheaper rates. The retailers add different types of costs in the M.R.P such as transportation cost, manpower expenses, venue cost, taxes and convenience cost. 4. Mention three benefits of shopping in a weekly market. 1. We don't have to go to different places to buy things. 2.We get most of the things of our daily needs at one plac...