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Markets Around Us (Overview) Video Lecture - Class 7
FAQs on Markets Around Us (Overview) Video Lecture - Class 7
| 1. What is the definition of a market? |  |
Ans. A market refers to a physical or virtual place where buyers and sellers come together to exchange goods, services, or resources. It can be a physical marketplace, such as a local grocery store, or an online platform like Amazon or eBay.
| 2. How do markets benefit the economy? | |
Ans. Markets play a crucial role in the economy by facilitating the allocation of resources. They promote competition, which leads to lower prices, better quality products, and innovation. Markets also create opportunities for businesses to generate profits and individuals to earn income.
| 3. What are the different types of markets? | |
Ans. There are various types of markets, including:
- Product markets: Where physical goods or services are bought and sold.
- Financial markets: Where financial instruments like stocks, bonds, and currencies are traded.
- Labor markets: Where individuals offer their skills and expertise in exchange for wages or salaries.
- Commodity markets: Where raw materials or primary products, such as oil or gold, are traded.
| 4. How is market demand determined? | |
Ans. Market demand is determined by the aggregate of individual demands for a particular product or service. It is influenced by factors such as price, consumer preferences, income levels, availability of substitutes, and overall economic conditions.
| 5. What are the characteristics of a competitive market? | |
Ans. A competitive market is characterized by the presence of many buyers and sellers, homogeneous products, easy entry and exit, perfect information, and price determination through the forces of supply and demand. In a competitive market, no single buyer or seller has the power to influence prices.
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