Open App

Class 7 Exam > Class 7 Notes > Social Science Class 7 - New NCERT > Very Short Answer Questions: Understanding Markets

Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets

Q1: What is a market?
Ans: A market is a place where people buy and sell goods and services.

Q2: What is the barter system?
Ans: The barter system is when goods and services are exchanged for other goods and services, without money.

Q3: Who was Adam Smith?
Ans: Adam Smith was an 18th-century economist who believed markets grow when people need goods they can't produce themselves.

Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets Markets in India

Q4: What is a physical market?
Ans: A physical market is where buyers and sellers meet in person to trade goods or services.

Q5: What is an online market?
Ans: An online market is where buyers and sellers transact through apps or websites.

Q6: What is the role of price in a market?
Ans: Price is the amount agreed upon by buyers and sellers for goods or services.

Q7: What is the price negotiation process in markets?
Ans: Price negotiation is the process where buyers and sellers agree on a price for goods or services.

Q8: What is a wholesale market?
Ans: A wholesale market is where goods are bought in bulk by wholesalers and sold to retailers.

Q9: What is a retail market?
Ans: A retail market is where goods are sold in smaller quantities to consumers.

Q10: What does “demand” mean in a market?
Ans: Demand refers to the amount of goods or services buyers are willing to buy at a given price.

Q11: What does “supply” mean in a market?
Ans: Supply refers to the amount of goods or services sellers are willing to offer at a given price.

Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets Barter System

Q12: What is a domestic market?
Ans: A domestic market is where trade takes place within a country's borders.

Q13: What is an international market?
Ans: An international market is where trade happens between different countries.

Q14: What is a price ceiling?
Ans: A price ceiling is the maximum price set by the government to protect buyers from excessively high prices.

Q15: What is a price floor?
Ans: A price floor is the minimum price set by the government to ensure producers receive a fair income.

Q16: What is the role of guilds in a market?
Ans: Guilds are groups of traders or craftsmen who work together to set rules and standards for their trade.

Q17: What is the significance of Hampi Bazaar in history?
Ans: Hampi Bazaar was a thriving market in the 16th century, known for its abundance of goods like grains, silk, and jewels.

Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets Hampi Bazaar Today

Q18: What is the role of markets in society?
Ans: Markets provide goods and services that individuals and businesses cannot produce themselves, supporting daily life.

Q19: What are public goods?
Ans: Public goods are services or products like parks or roads that are provided by the government and are available to everyone.

Q20: What is a government’s role in markets?
Ans: The government ensures fair pricing, monitors quality and safety standards, and protects consumers and producers from exploitation.

Q21: What is the purpose of the FSSAI mark on food products?
Ans: The FSSAI mark ensures that food products meet safety standards and are safe for consumption.

Q22: What is the significance of the ISI mark on appliances?
Ans: The ISI mark ensures that electrical appliances meet quality and safety standards in India.

Q23: What is the AGMARK certification used for?
Ans: The AGMARK certification ensures the quality of agricultural products like vegetables, fruits, and pulses.

Q24: What is the BEE star rating?
Ans: The BEE star rating indicates the energy efficiency of electronic products like refrigerators and air conditioners.

Q25: What is the role of online reviews in assessing product quality?
Ans: Online reviews help consumers decide on a product by sharing feedback from other buyers about its quality.

The document Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets is a part of the Class 7 Course Social Science Class 7 - New NCERT.

All you need of Class 7 at this link: Class 7

	Social Science Class 7 - New NCERT 23 videos\|204 docs\|12 tests

Social Science Class 7 - New NCERT

23 videos|204 docs|12 tests

Join Course for Free

FAQs on Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets

$1. What is the definition of a market in economics?

Ans. A market in economics refers to a place or system where buyers and sellers interact to exchange goods and services. It can be physical, like a marketplace, or virtual, like online shopping platforms.

$2. What are the different types of markets?

Ans. There are several types of markets, including perfect competition, monopolistic competition, oligopoly, and monopoly. Each type is characterized by the number of sellers and the nature of the products offered.

$3. How do supply and demand affect prices in a market?

Ans. Supply and demand are fundamental economic concepts. When demand for a product increases and supply remains constant, prices tend to rise. Conversely, if supply increases and demand remains the same, prices usually fall.

$4. What role do consumers play in a market?

Ans. Consumers play a crucial role in a market as they drive demand for products and services. Their preferences and purchasing decisions influence what goods are produced and at what prices.

$5. What is the importance of competition in a market?

Ans. Competition in a market is important because it encourages innovation, keeps prices low, and improves the quality of goods and services. It ensures that consumers have choices and can find better deals.

About this Document

4.93/5 Rating

Sep 27, 2025 Last updated

Related Exams

Class 7 JSS 2 SSS 1

Document Description: Very Short Answer Questions: Understanding Markets for Class 7 2025 is part of Social Science Class 7 - New NCERT preparation. The notes and questions for Very Short Answer Questions: Understanding Markets have been prepared according to the Class 7 exam syllabus. Information about Very Short Answer Questions: Understanding Markets covers topics like and Very Short Answer Questions: Understanding Markets Example, for Class 7 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Very Short Answer Questions: Understanding Markets.

Introduction of Very Short Answer Questions: Understanding Markets in English is available as part of our Social Science Class 7 - New NCERT for Class 7 & Very Short Answer Questions: Understanding Markets in Hindi for Social Science Class 7 - New NCERT course. Download more important topics related with notes, lectures and mock test series for Class 7 Exam by signing up for free. Class 7: Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets

Description

Full syllabus notes, lecture & questions for Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets - Class 7 | Plus excerises question with solution to help you revise complete syllabus for Social Science Class 7 - New NCERT | Best notes, free PDF download

Information about Very Short Answer Questions: Understanding Markets

In this doc you can find the meaning of Very Short Answer Questions: Understanding Markets defined & explained in the simplest way possible. Besides explaining types of Very Short Answer Questions: Understanding Markets theory, EduRev gives you an ample number of questions to practice Very Short Answer Questions: Understanding Markets tests, examples and also practice Class 7 tests

	Social Science Class 7 - New NCERT 23 videos\|204 docs\|12 tests

Social Science Class 7 - New NCERT

23 videos|204 docs|12 tests

Join Course for Free

Download as PDF

Explore Courses for Class 7 exam

Extra Questions

ppt

Summary

Exam

pdf

Semester Notes

Objective type Questions

Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets

study material

Free

Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets

Important questions

past year papers

Class 7 Social Science Chapter 12 Very Short Answer Questions - Understanding Markets

MCQs

mock tests for examination

Previous Year Questions with Solutions

Sample Paper

video lectures

practice quizzes

Viva Questions

shortcuts and tricks

;

Additional Information about Very Short Answer Questions: Understanding Markets for Class 7 Preparation

Very Short Answer Questions: Understanding Markets Free PDF Download

The Very Short Answer Questions: Understanding Markets is an invaluable resource that delves deep into the core of the Class 7 exam. These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective. With the help of these notes, you can grasp complex subjects quickly, revise important points easily, and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner, allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material, or toppers' notes, this PDF has got you covered. Download the Very Short Answer Questions: Understanding Markets now and kickstart your journey towards success in the Class 7 exam.

Importance of Very Short Answer Questions: Understanding Markets

The importance of Very Short Answer Questions: Understanding Markets cannot be overstated, especially for Class 7 aspirants. This document holds the key to success in the Class 7 exam. It offers a detailed understanding of the concept, providing invaluable insights into the topic. By knowing the concepts well in advance, students can plan their preparation effectively. Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.

Very Short Answer Questions: Understanding Markets Notes

Very Short Answer Questions: Understanding Markets Notes offer in-depth insights into the specific topic to help you master it with ease. This comprehensive document covers all aspects related to Very Short Answer Questions: Understanding Markets. It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation. Practice papers and question papers enable you to assess your progress effectively. Additionally, the paper analysis provides valuable tips for tackling the exam strategically. Access to Toppers' notes gives you an edge in understanding complex concepts. Whether you're a beginner or aiming for advanced proficiency, Very Short Answer Questions: Understanding Markets Notes on EduRev are your ultimate resource for success.

Very Short Answer Questions: Understanding Markets Class 7

The "Very Short Answer Questions: Understanding Markets Class 7 Questions" guide is a valuable resource for all aspiring students preparing for the Class 7 exam. It focuses on providing a wide range of practice questions to help students gauge their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation. The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level. Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.

Study Very Short Answer Questions: Understanding Markets on the App

Students of Class 7 can study Very Short Answer Questions: Understanding Markets alongwith tests & analysis from the EduRev app, which will help them while preparing for their exam. Apart from the Very Short Answer Questions: Understanding Markets, students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc. The EduRev App will make your learning easier as you can access it from anywhere you want. The content of Very Short Answer Questions: Understanding Markets is prepared as per the latest Class 7 syllabus.

Education Revolution