Class 7 Civics Chapter 7 Question Answers - Market Around Us

Short Questions and Answers:

Q1: Why weekly markets are cheaper than permanent shops?

Ans : Permanent shops have to spend a lot of expenditure like shop rent, electricity, fees to the government etc., but a weekly market shop owner don’t have to bear these expenses. Permanent shop holders also have to pay wages to their workers but weekly market shop owner have helpers from their family members, and thus they don’t need to hire workers. And are cheaper than permanent shops.

Q2: Why Neighborhood market is preferred by the Indians?

Ans : Neighborhood markets are near our house, one can go there at any day of the week. The buyers and sellers know each other and these shops also provide goods on credit.

Q3: Differentiate between shopping complexes and malls.

Ans : Markets mostly in urban areas having many shops are called shopping complexes. In many urban areas, there are large multi-storeyed air-conditioned buildings with shops on different floors, known as malls.

Q4: Explain the statement, "Buying and selling can take place without going to a marketplace," with examples.  

Ans: This statement highlights that transactions can occur outside traditional marketplaces through various means. For instance, online shopping allows consumers to purchase goods from the comfort of their homes without visiting a physical store. Additionally, informal exchanges, such as bartering between neighbors or direct sales through social media platforms.

Q5: Evaluate the role of wholesalers in the market chain and their impact on pricing for consumers.  

Ans: Wholesalers play a crucial role in the market chain by purchasing goods in bulk from producers and selling them to retailers. This bulk buying allows wholesalers to negotiate lower prices, which can lead to cost savings that are passed on to consumers. However, the pricing impact on consumers can vary based on the efficiency of the supply chain and market competition. Thus, wholesalers significantly influence both the availability and pricing of goods in the marketplace. 

Q6: How do goods reach buyers in different markets?

Ans : Goods reach buyers through a chain of markets, where products are passed from producers to wholesalers and then to retailers before reaching consumers.

Q7: Why might some people not be able to afford goods in expensive shops?

Ans : Economic disparities, income levels, and personal financial situations can prevent some individuals from affording goods in expensive shops, leading to unequal access to products.

Q8: Discuss the importance of markets in the economy and how they create opportunities for production and employment.

Ans : Markets play a crucial role in the economy by providing a platform for buying and selling goods. They encourage production as sellers respond to consumer demand, leading to the creation of new products and services. Additionally, markets generate employment opportunities for various stakeholders, including farmers, wholesalers, retailers, and service providers.

Long Question and Answer : 

Q1: What is a chain of the market? Do you think that everyone gains equally in the market?

Ans: A series of markets that are connected like links form chain of market. Products passes from one market to another. Shop owner in weekly market and in shopping complexes are different people. One is small trader with little money while the other can spend lot of money. They also earn unequal amounts. Similarly, buyers are also different, there are many who are not able to afford the cheapest goods while buy only branded items from shopping malls. Everyone do not get equally in a market. Individual answer.

Q2: Compare and contrast a weekly market and a shopping complex in terms of the kind of goods sold, prices, sellers, and buyers.

Ans: A weekly market typically sells a variety of goods, including fresh produce and household items, often at lower prices due to direct sales from producers or local vendors. Sellers are usually small-scale vendors or farmers, and buyers are often local residents looking for affordable options. In contrast, a shopping complex features branded goods, often at higher prices, with sellers being established retailers or franchises. Buyers in shopping complexes may include consumers seeking quality or branded products, often with higher disposable incomes.

Q3:  Explain the concept of the chain of markets and its significance in the economy.

Ans: The chain of markets refers to the interconnected series of markets through which goods pass from production to consumption. It typically includes producers, wholesalers, and retailers. This chain is significant because it facilitates the distribution of goods, ensuring that products produced in one area can reach consumers in different locations. It encourages production by creating demand, provides opportunities for various sellers, and plays a crucial role in the economy by promoting trade and commerce. However, it can also highlight inequalities in access to goods, as not all consumers can afford products at every level of the chain.