Worksheet: The Market as a Social Institution | Sociology Class 12 - Humanities/Arts PDF Download

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Q1: Markets can be physical or virtual places where goods are exchanged between __________ and __________.

Q2: According to Adam Smith, the "Invisible Hand" transforms individual self-interest into a benefit for __________ as a whole.

Q3: Sociologists refer to markets as socially embedded structures, shaped by __________ norms.

Q4: Karl Marx argued that in a capitalist society, workers are viewed as mere __________.

Q5: Liberalization involves reducing trade barriers and tariffs on __________.

Q6: The largest flea market in India is located in __________.

Q7: Support prices help ensure that farmers receive a minimum __________.

Q8: The process of linking local and global economies is known as __________.

Q9: The stock exchange in Wall Street, New York, is called __________.

Q10: The concept of the "Invisible Hand" is associated with the economic theory of __________.

Assertion and Reason Based

Q1: Assertion: The "Invisible Hand" concept supports the idea that individual self-interest benefits society.
Reason: Laissez-faire economic theory promotes government intervention in markets.
(a) Both Assertion and Reason are True, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are True, but Reason is NOT the correct explanation of Assertion.
(c) Assertion is True, but Reason is False.
(d) Both Assertion and Reason are False.

Q2: Assertion: Liberalization involves reducing trade barriers and tariffs on imports.
Reason: Liberalization aims to increase government intervention in the market.
(a) Both Assertion and Reason are True, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are True, but Reason is NOT the correct explanation of Assertion.
(c) Assertion is True, but Reason is False.
(d) Both Assertion and Reason are False.

Q3: Assertion: Markets are socially embedded structures shaped by cultural norms.
Reason: Social groups, castes, and classes do not play a significant role in market dynamics.
(a) Both Assertion and Reason are True, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are True, but Reason is NOT the correct explanation of Assertion.
(c) Assertion is True, but Reason is False.
(d) Both Assertion and Reason are False.

Q4: Assertion: The process of linking local and global economies is known as Globalization.
Reason: Globalization only has economic impacts and does not affect other aspects of life.
(a) Both Assertion and Reason are True, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are True, but Reason is NOT the correct explanation of Assertion.
(c) Assertion is True, but Reason is False.
(d) Both Assertion and Reason are False.

Q5: Assertion: Support prices and subsidies are considered a form of government intervention in the market.
Reason: Liberalization aims to increase government intervention in agricultural sectors.
(a) Both Assertion and Reason are True, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are True, but Reason is NOT the correct explanation of Assertion.
(c) Assertion is True, but Reason is False.
(d) Both Assertion and Reason are False.

Very Short Answer Type Questions

Q1: Define market from a sociological perspective.

Q2: What is the "Invisible Hand" in the context of market economics?

Q3: Explain the concept of socially embedded economies.

Q4: Give an example of a periodic market and its functions.

Q5: How did colonialism impact tribal economies in India?

Q6: What is commodification?

Q7: What is liberalization in the context of the market economy?

Q8: Name one significant impact of globalization on economies.

Q9: What is the purpose of support prices for agricultural products?

Q10: Define outsourcing in the business context.

Short Answer Type Questions

Q1: Explain the sociological view of markets in relation to social groups, castes, and classes.

Q2: Discuss the impact of colonialism on tribal economies in India, focusing on economic changes and social disruptions.

Q3: Describe the concept of the "Invisible Hand" in Adam Smith's economic theory and its role in market economies.

Q4: How did liberalization in India affect different sectors, both positively and negatively?

Q5: Explain the significance of support prices and subsidies for farmers and the potential challenges they face due to liberalization.

Q6: Discuss the concept of commodification and provide examples of commodified items.

Q7: Explain the role of outsourcing in businesses, highlighting its benefits and challenges.

Q8: Describe the impact of globalization on local economies and cultures, providing examples from different regions.

Long Answer Type Questions

Q1: How did colonialism impact tribal economies in India in terms of economic changes and social disruptions?

Q2: Explain the concept of the "Invisible Hand" in Adam Smith's economic theory and its role in market economies.

Q3: Describe the positive and negative impacts of liberalization in India on different sectors.

Q4: Discuss the concept of commodification and provide examples of items that have been commodified in the market.