Textbook Solutions: Markets Around Us | Window on the Word Class 7: Solutions, Notes & Worksheets PDF Download

A. fill In the blanks

1.
Ans: Markets serve as the connecting link between producers and consumers.

2.
Ans: People who serve as intermediaries between producers and consumers are called sellers or traders.

3.
Ans: When people exchange goods or services for other goods or services, it is called bartering.

4.
Ans: Big retail shops occasionally offer discounts to customers for the purpose of the clearance of old stock.

5.
Ans: Specialty stores sell a wide assortment of goods of the same category.

B. Mark the sentences as True or False. Correct the ones that are false.

1.
Ans: Wholesalers buy goods in small quantities. False. Wholesalers buy goods in large amounts directly from the producers.

2.
Ans: Wholesalers always ensure that their shops or establishments are situated in prime locations. False. Wholesalers do not need to be centrally located.

3.
Ans: People who sell their goods at weekly markets do not have to incur expenses such as rent, electricity and taxes. True.

4.
Ans: The coming of supermarkets and malls has proved to be greatly beneficial for small retailers. False. The growth of supermarkets and malls is threatening the livelihood of innumerable small retailers.

5.
Ans: Mobile vendors earn less than sellers of the same goods in a supermarket. True.

C. Choose the correct answer.

1.
Ans: (a)

2.
Ans: (d)

3.
Ans: (c)

4.
Ans: (a)

5.
Ans: (a)

D. Answer in one or two sentences.

1.
Ans: A producer is the one who manufactures or grows goods, while a consumer is the one who uses or buys these goods.

2.
Ans: Wholesalers can afford to sell goods at lower rates than retailers because they buy goods directly from the producers in large quantities, which allows them to receive a discount on the purchase price.

3.
Ans: After sourcing the goods from producers, wholesalers sort, grade and repack them in smaller quantities to be sold to retailers and other wholesalers.

4.
Ans: Malls help their customers save time and fuel by providing a variety of stores under one roof, making it possible to shop for multiple things like groceries, electronics, furniture, and fashion accessories in one place.

5.
Ans: Single-line stores or specialty stores are shops that focus on specific products, such as cameras, computers, medicines or women's clothing, offering a wide selection within the same product category.

6.
Ans: A chain store is a retail outlet that sells a single product or brand across multiple branches under a single management, usually the manufacturers themselves. For example, Bata, Titan, Raymond and Baskin-Robbins are examples of chain stores.

E. Answer in a paragraph.

1.
Ans: Wholesalers and retailers are intermediaries in the process of buying and selling goods. Wholesalers buy goods in large quantities directly from producers and sell mostly to retailers and other wholesalers. They specialize in a few items and require large storage spaces called warehouses. Wholesalers sell goods at lower rates than retailers as they buy directly from producers. On the other hand, retailers buy goods in smaller quantities from wholesalers and occasionally from manufacturers. They sell directly to the consumers and deal in a variety of products to meet different requirements. Retailers need to be located close to consumers to ensure maximum footfall and they often offer discounts to clear old stock.

2.
Ans: Weekly markets are held in a specific area on a fixed day of the week and cater to a wide range of goods. They are more common in rural areas and small towns. Sellers in these markets do not have permanent shops and set up temporary stalls. On the other hand, neighbourhood markets cater to the basic and immediate needs of people in a specific locality. They include permanent establishments like grocery and hardware stores as well as roadside stalls.

3.
Ans: Supermarkets are large retail outlets that sell food and other household goods. Customers serve themselves and the goods are usually cheaper due to large-scale sourcing. Malls are huge multi-storey complexes housing a variety of stores under one roof, often including eateries, gaming centres and multiplexes. The growth of supermarkets and malls pose a threat to small retailers as they can afford to sell goods at cheaper rates, and the branded goods they sell are often aided by aggressive marketing campaigns.

4.
Ans: Factors that determine people's choice of markets include convenience, availability of specific products, quality and variety of products, credit facilities, and price. People may choose markets that are closest to them, offer a wide range of products, provide credit facilities, and offer good value for money.

5.
Ans: Online selling poses a major threat to conventional shops as it allows customers to shop for a variety of goods from the comfort of their homes, often at lower rates. Online retailers do not have to pay overhead costs like rent and electricity bills, allowing them to sell goods cheaper.

6.
Ans: Equality does not prevail in markets. There is always inequality, for example, between the income levels of retailers selling the same type of goods but in different spaces. The income of a mobile ice-cream vendor is no match for an individual who runs an ice cream parlour at a supermarket. Similarly, there is inequality between the amount earned by wholesalers, retailers, and the original producers of goods.