Class 7 Exam > Class 7 Notes > Social Science Class 7 - New NCERT > NCERT Textbook: Understanding Markets
Class 7 Social Science Chapter 12 NCERT Book - Understanding Markets
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FAQs on Class 7 Social Science Chapter 12 NCERT Book - Understanding Markets
| 1. What is the definition of a market according to the NCERT textbook? |  |
Ans. A market is defined as a place where buyers and sellers come together to exchange goods and services. It can be a physical location, like a marketplace, or a virtual space, like online shopping platforms.
| 2. What are the different types of markets mentioned in the NCERT textbook? | |
Ans. The NCERT textbook describes several types of markets, including local markets, weekly markets, and global markets. Each type serves different purposes and caters to varying consumer needs.
| 3. How do supply and demand affect prices in a market? | |
Ans. Supply and demand play a crucial role in determining prices. When demand for a product increases and supply remains constant, prices tend to rise. Conversely, if the supply of a product exceeds demand, prices usually fall.
| 4. What role do middlemen play in a market according to the NCERT textbook? | |
Ans. Middlemen, or intermediaries, play a significant role in markets by helping to connect producers with consumers. They facilitate the distribution of goods, making it easier for products to reach customers and often help in setting prices.
| 5. Why is understanding markets important for consumers? | |
Ans. Understanding markets is essential for consumers as it helps them make informed decisions about purchasing products. Knowledge of market dynamics enables consumers to find better prices, understand quality, and recognize the value of goods and services.
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