Test: Market Around Us - Class 7 MCQ

• Wholesalers mainly sell goods to retailers and other wholesalers. They buy products in large amounts from producers and then sell them to businesses who will eventually sell the goods to customers. It's like a middle step in getting products from where they are made to where you can buy them from a shop.

Wholesalers purchase goods in bulk directly from producers means they buy a lot of items at once. This helps them sell at lower prices to retailers.

• Retailers sell the goods they buy from wholesalers or manufacturers directly to consumers. This means when you go to a store and buy something, you are buying it from a retailer who got it from somewhere else.
• So, when you buy a toy or candy from a store, the store got it from someone else before selling it to you.

Retailers sell products directly to consumers, which are the people who buy goods for their own use.

• Weekly markets are places where vendors come once a week to sell various goods in temporary stalls. This type of market is common in rural and small town settings.
• People visit these markets to buy things they need at lower prices. It is like a special event that happens every week where you can find a variety of items to choose from.

Supermarkets offer goods at lower prices due to large-scale sourcing, which means they buy products in very big quantities, helping them get better prices to pass on to customers.

Specialty stores are shops that concentrate on selling particular items like cameras. They offer a wide variety of products in the same category for customers to choose from.

Consumers often like to go to nearby markets because it is easy and quick for them to buy what they need. When a market is close by, they don't have to travel a long way to get what they want. It's like going to a store that's just around the corner from your house!

Consumers often prefer nearby markets because they are easy to reach and convenient for shopping.

A market is like a big store where people meet to exchange things they have. It's where you can buy toys, food, clothes, and more. Just like how you trade toys with your friends, grown-ups trade things they make or have with each other in a market.

A market is a place (physical or virtual) where goods, services, and information are exchanged between buyers and sellers. It acts as a bridge connecting producers and consumers. So, the correct word is "Market," which means a place where buying and selling happens.

• Markets are indeed places where people buy and sell things. When you go to a market with your parents, you see different shops selling toys, fruits, clothes, and many other things.
• The market is where you can get what you need, like a new toy or a yummy snack.
• So, the statement is True because markets are where goods, services, and information are shared between people who want to buy and sell.

Retailers are the main recipients of goods from wholesalers. Wholesalers do not sell directly to consumers but rather to retailers who then make the products available to customers.

• For a 5-year-old to understand: "Wholesalers are like big helpers who buy a lot of things from the people who make them and then sell those things to other shops or big buyers, not to people like you and me."
• Wholesalers do not sell things directly to people who buy a little at a time like you do when you go to a store. They sell to other big shops or businesses. This makes the statement FALSE.

• Retailers make a profit by selling goods at prices higher than their purchase rates. This means they sell things for more money than they bought them for. Imagine if you bought a toy for $1 and then sold it for $2, you would make a profit of $1. That's how retailers earn money to keep their shops running and pay for things they need.

Retailers sell products directly to consumers. This means that retailers are the ones who sell things directly to people like you when you go shopping.

Retailers are the shops where we go to buy things like toys, clothes, and food. They are the stores where we, the customers, buy things for ourselves. So, the statement that says, "Retailers sell products directly to consumers," is True.

A supermarket is like a big store where you can buy lots of things like food and things for your home. You can pick what you want and put it in a cart. It's like a big treasure chest full of things you need every day.

Supermarkets offer goods at lower prices due to large-scale sourcing, which means they buy products in very large quantities, helping them get better prices and pass on the savings to customers.

Supermarkets actually offer goods at lower prices due to large-scale sourcing. This means they can buy products in bulk, which makes each item cheaper. So, it's not true that supermarkets have higher prices because of this. Instead, they can pass the savings on to customers like you and me!

• Specialty stores are shops that concentrate on particular items like cameras, computers, medicines, or women's clothing.
• These stores offer a wide range of goods within the same category to customers.
• It's like going to a store that sells only one type of thing, making it easier for you to find what you need.

Online retailers like Flipkart and Amazon allow customers to buy various products without leaving their homes. This means you can shop using the internet and your computer or phone instead of going to a physical store.

Mobile retailers are individuals who sell goods from carts, not buses and trains. They could be ice cream vendors or fruit/vegetable sellers. So, the statement is False.