(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.
3. Why is there a difference in prices between a wholesale and a retail market ?
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 place.
3. We get things at cheap prices.
5. What is economic inequality ?
Economic inequality means inequality of economic assets and incomes among individuals and groups with in a society.
E.
1. Do you buy different types of good from different markets ? Support you answer with two examples.
Two examples of goods bought from different markets are
1. Branded goods from large stores.
2. Daily grocery items from the neighbourhood grocery store
2. How does market create inequalities that harm democracy ?
There are different types of markets like retail stores malls wholesale shops and weekly markets which are owned by different people in all the types of markets shopkeepers on and span an equal amount of money similarly there are differences in buying power of customers one bhaiya may be able to offer for only cheap goods from a weekly market where as another mein buy branded items from top to the selling as well as buying depend on money this creates economic equality which means in equality of economic assets and incomes among individuals and group within a society these inequalities on the democracy of a country.
3. Explain the terms 'demand' and 'supply' with an example from our daily life.
The demand for a good is defined as an amount of commodity for which people are willing to pay and buy.
Supply of a good is the quantity that the suppliers are willing to put in the market . When the price of good rises, the supply also rises
When the price goes down , the supply also goes down.
4. Describe the role played by the government in protecting the interests of all sections of the society.
Our government has taken many steps to protect the interests of the people.
The government has fixed 'minimum wages' so that the workers are able to fulfil their basic needs,
besides opening employment exchanges to register names of unemployed candidates who desire employment.
5. Compare the price of a plastic bucket from a weekly market and a mall. What are the reasons behind the difference in price and why ?
The price of plastic bucket is cheap in weekly market is cheaper than that compared to mall.because goods that are sold in malls include money of taxes,electricity charges,rents and govt fee.whereas weekly markets don't include all the above mentioned expenditures neither they need to pay wages to their workers.
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 place.
3. We get things at cheap prices.
5. What is economic inequality ?
Economic inequality means inequality of economic assets and incomes among individuals and groups with in a society.
E.
1. Do you buy different types of good from different markets ? Support you answer with two examples.
Two examples of goods bought from different markets are
1. Branded goods from large stores.
2. Daily grocery items from the neighbourhood grocery store
2. How does market create inequalities that harm democracy ?
There are different types of markets like retail stores malls wholesale shops and weekly markets which are owned by different people in all the types of markets shopkeepers on and span an equal amount of money similarly there are differences in buying power of customers one bhaiya may be able to offer for only cheap goods from a weekly market where as another mein buy branded items from top to the selling as well as buying depend on money this creates economic equality which means in equality of economic assets and incomes among individuals and group within a society these inequalities on the democracy of a country.
3. Explain the terms 'demand' and 'supply' with an example from our daily life.
The demand for a good is defined as an amount of commodity for which people are willing to pay and buy.
Supply of a good is the quantity that the suppliers are willing to put in the market . When the price of good rises, the supply also rises
When the price goes down , the supply also goes down.
4. Describe the role played by the government in protecting the interests of all sections of the society.
Our government has taken many steps to protect the interests of the people.
The government has fixed 'minimum wages' so that the workers are able to fulfil their basic needs,
besides opening employment exchanges to register names of unemployed candidates who desire employment.
5. Compare the price of a plastic bucket from a weekly market and a mall. What are the reasons behind the difference in price and why ?
The price of plastic bucket is cheap in weekly market is cheaper than that compared to mall.because goods that are sold in malls include money of taxes,electricity charges,rents and govt fee.whereas weekly markets don't include all the above mentioned expenditures neither they need to pay wages to their workers.
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