Class 7 Exam  >  Class 7 Notes  >  Social Studies (SST) Class 7  >  NCERT Summary: Market Around Us

Market Around Us Summary Class 7 Civics Chapter 2

What are Markets?

  • A market is a place purchaser and vender is associated with the deal and buy of merchandise. It built up a connection between the maker and the buyer.

Weekly market

  • A weekly market is held on a specific day of the week.
  • Many things in weekly markets are available at cheaper rates because they do not have permanent buildings, so that they do not have to pay rent, electricity bills, fees to the government and so on additional expenses.
  • Weekly markets also have a large number of shops selling the same goods which means there is competition among them. 

Shops in the Neighbourhood

  • Many of these are permanent shops, while others are roadside stalls such as that of the vegetable hawker, the fruit vendor, the mechanic, etc.
  • These shops are very helpful as they are close to our home and we can go there on anytime.
  • Usually, the buyer and seller know each other and these shops also provide goods on credit.

Shopping complexes and malls 

  • There are other markets in the urban area that have many shops, popularly called shopping complexes.
  • In these urban markets, you get both branded and non-branded goods.

Chain of markets

  • We don’t buy directly from the factory or from the farm.

Traders

  • The people in between the producer and the final consumer are the traders. 
  • The wholesale trader first buys goods in large quantities. 
  • In these markets, buying and selling takes place between traders. 
  • It is through these links of traders that goods reach faraway places. 
  • The trader who finally sells this to the consumer, is the retailer. 

Markets everywhere

  • All these markets are in a specific locality and work in a particular manner and time. 
  • These days one can place orders for a variety of things through the phone and these days through the Internet, and the goods are delivered at your home. 
  • In clinics and nursing homes, sales representatives wait for the doctors. Such persons are also engaged in the selling of goods.
  • Thus, buying and selling takes place in different ways, not necessarily through shops in the market.

Markets and equality

  • Shop owners in a weekly market and those in a shopping complex are very different people. 
  • The weekly market trader earns little compared to the profit of a regular shop owner in a shopping complex.
The document Market Around Us Summary Class 7 Civics Chapter 2 is a part of the Class 7 Course Social Studies (SST) Class 7.
All you need of Class 7 at this link: Class 7
64 videos|388 docs|60 tests

FAQs on Market Around Us Summary Class 7 Civics Chapter 2

1. What is the concept of the market?
Ans. The concept of the market refers to a place or a platform where buyers and sellers come together to exchange goods and services. It can be a physical location like a local market or a virtual space like an online marketplace.
2. How does the market function?
Ans. The market functions through the interaction of supply and demand. Sellers offer their products or services at certain prices, and buyers decide whether or not to purchase them based on their needs and preferences. This interaction creates a market equilibrium where the quantity demanded equals the quantity supplied.
3. What are the different types of markets?
Ans. There are various types of markets based on different criteria. Some common types include: - Product markets: where goods or services are bought and sold. - Financial markets: where financial instruments like stocks and bonds are traded. - Labor markets: where employers hire workers. - Foreign exchange markets: where currencies are exchanged.
4. What factors influence the functioning of the market?
Ans. Several factors influence the functioning of the market, including: - Supply and demand: the relationship between the quantity of goods or services available and the level of demand for them. - Price: the amount of money buyers are willing to pay for a product or service. - Competition: the presence of other sellers offering similar products or services. - Consumer preferences: the tastes and preferences of buyers that shape their purchasing decisions. - Government regulations: laws and policies that affect the operation of the market.
5. How does the market impact the economy?
Ans. The market plays a crucial role in the economy as it determines the allocation of resources and affects economic growth. A well-functioning market encourages competition, innovation, and efficiency. It allows for the efficient allocation of goods and services, promotes economic development, and provides opportunities for businesses to thrive. Additionally, market fluctuations can impact employment rates, inflation, and overall economic stability.
64 videos|388 docs|60 tests
Download as PDF
Explore Courses for Class 7 exam
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Download the FREE EduRev App
Track your progress, build streaks, highlight & save important lessons and more!
Related Searches

Objective type Questions

,

Sample Paper

,

shortcuts and tricks

,

study material

,

Exam

,

Market Around Us Summary Class 7 Civics Chapter 2

,

Previous Year Questions with Solutions

,

MCQs

,

video lectures

,

Semester Notes

,

Summary

,

past year papers

,

Viva Questions

,

pdf

,

Free

,

practice quizzes

,

ppt

,

Important questions

,

mock tests for examination

,

Market Around Us Summary Class 7 Civics Chapter 2

,

Extra Questions

,

Market Around Us Summary Class 7 Civics Chapter 2

;