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In the context of markets, what is the primary mode of exchange for goods and services?
  • a)
    Barter system
  • b)
    Credit system
  • c)
    Money
  • d)
    Gift system
Correct answer is option 'C'. Can you explain this answer?
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In the context of markets, what is the primary mode of exchange for go...
In the context of markets, the primary mode of exchange for goods and services is money. Money serves as a universal medium of exchange that allows buyers and sellers to trade various goods and services efficiently. Unlike barter systems where goods are exchanged directly, money simplifies transactions by providing a common measure of value that is widely accepted in market transactions.
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Short Q&A:Q1: Why weekly markets are cheaper than permanent shops?Ans : Permanent shops have to incur a lot of expenditure like shop rent, electricity, fees to the government etc., but a weekly market shop owner don’t have to bear these expenses. Permanent shops holder also have to pay wages to their workers but weekly market shop owner have helpers from their family members, and thus they don’t need to hire workers. And are cheaper than permanent shops.Q2: Why Neighbourhood market is preferred by the Indians?Ans : Neighbourhood markets are near our house, one can go there at any day of the week. The buyers and sellers know each other and these shops also provide goods on credits,Q3: Differentiate between shopping complexes and malls.Ans : Markets mostly in urban areas having many shops are called shopping complexes. In many urban areas there are large multi-storeyed air conditioned building with shops on different floors, knows as malls.Q4: Establish relationship between the market and the inequality?Ans : Shop owner in weekly market and in shopping complexes are different people. One is small trader with little money while other can spend lot of money. They also earn unequal amounts. Similarly buyers are also different, there are many who are not able to afford the cheapest goods while buys only branded items from shopping malls. Thus it forms an inequality amongst people.Q5: Differentiate between permanent and temporary shops.Ans : Permanent shops contains goods that are expensive in comparison to goods of temporary shops. Permanent shops store the things they sell in their shops but temporary shops owner store goods to be sold at their home. Long Q & A : Q1: What is a chain of market? Do you think that everyone gains equally in the market?Ans:A series of markets that are connected like links forms chain of market. Products passes from one market to another. Shop owner in weekly market and in shopping complexes are different people. One is small trader with little money while other can spend lot of money. They also earn unequal amounts. Similarly buyers are also different, there are many who are not able to afford the cheapest goods while buys only branded items from shopping malls. Everyone do not get equally in a market. Individual answer. Related: Short and Long Question Answers - Market Around Us?

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In the context of markets, what is the primary mode of exchange for goods and services?a)Barter systemb)Credit systemc)Moneyd)Gift systemCorrect answer is option 'C'. Can you explain this answer?
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