The non-economic characters of the market are :
A. symbol of inter-group social relations
B. expression of hierarchy and social distance
C. buying and selling of forest products
D. indigenous banking system of ‘hundi
Choose the correct answer from the options given below :
a)
A and D only
b)
C and D only
c)
A and B only
d)
B and C only’
Correct answer is option 'D'. Can you explain this answer?

Question

The non-economic characters of the market are :
A. symbol of inter-group social relations
B. expression of hierarchy and social distance
C. buying and selling of forest products
D. indigenous banking system of ‘hundi

Choose the correct answer from the options given below :

a)
A and D only
b)
C and D only
c)
A and B only
d)
B and C only’

Correct answer is option 'D'. Can you explain this answer?

Answer

Understanding Non-Economic Characters of the Market
The non-economic characters of the market reflect social dynamics rather than mere transactions. Here’s an analysis of the options provided:
Option A: Symbol of Inter-group Social Relations
- Markets often serve as venues for different groups to interact.
- They facilitate relationships and networks beyond economic exchanges.
Option B: Expression of Hierarchy and Social Distance
- Markets can reveal social hierarchies based on status, caste, or wealth.
- The way individuals engage in transactions can indicate their social standing.
Option C: Buying and Selling of Forest Products
- This option focuses on a specific economic activity.
- While it highlights a market function, it does not encompass the broader social implications.
Option D: Indigenous Banking System of ‘Hundi’
- The ‘Hundi’ system represents a traditional way of exchanging credit and trust within communities.
- Although it has economic elements, it also emphasizes social ties and relationships.
Correct Answer: D (B and C only)
- The correct answer reflects how markets embody social structures and dynamics.
- Options B and C highlight the aspects of hierarchy and social relationships, which go beyond mere economic transactions.
- They illustrate how markets can be a reflection of societal norms and values rather than just economic exchanges.
In conclusion, the non-economic characters of the market are pivotal in understanding societal interactions, making option D the most accurate choice.

Answer

And while various kinds of non-market exchange systems (such as the ‘jajmani system’) did exist in many villages and regions, even during the precolonial period villages were incorporated into wider networks of exchange through which agricultural products and other goods circulated, an important instrument of exchange and credit was the hundi, or bill of exchange (like a credit note), which allowed merchants to engage in long-distance trade. Because trade took place primarily within the caste and kinship networks of these communities, a merchant in one part of the country could issue a hundi that would be honoured by a merchant in another place.

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