Short & Long Questions: Market Around Us | Footprints Class 7: Book Solutions, Notes & Worksheets PDF Download

Short Answer Questions

Q1: What is a market?
Ans: A market is a place where buyers and sellers meet to exchange goods and services for money.

Q2: Who are producers?
Ans: Producers are those engaged in the production of goods and services sold in a market.

Q3: Define consumers.
Ans: Consumers are those who buy goods and services for their use.

Q4: What role do traders play in a market?
Ans: Traders act as a link between producers and consumers.

Q5: How did markets exist before the use of currency?
Ans: Markets existed in the form of the barter system before the use of currency.

Q6: What are the two main types of markets?
Ans: The two main types of markets are retail markets and wholesale markets.

Q7: What is the difference between retail and wholesale markets?
Ans: Retail markets involve selling products directly to consumers for personal use, while wholesale markets involve selling goods in bulk, primarily to retailers or industrial users.

Q8: Give two benefits of retail markets to consumers.
Ans: Consumers can purchase a wide range of products in smaller quantities at affordable prices.

Q9: What are two functions of wholesalers?
Ans: Wholesalers extend credit facilities to retailers and bear risks like spoilage and price fluctuations.

Q10: Name two types of retail stores.
Ans: Two types of retail stores are departmental stores and specialty stores.

Q11: What are the main activities involved in farming?
Ans: The main activities include tilling land, harvesting crops, and storing produce.

Q12: Why do farmers sell produce in markets like mandis?
Ans: Farmers sell produce in mandis to earn better profits and avoid exploitation by intermediaries.

Q13: What is the role of weekly markets in selling farmers' produce?
Ans: Weekly markets (haats) and intermediaries help in selling the farmers' produce to wholesalers or processing units.

Q14: How do wholesale markets function?
Ans: Wholesale markets have many sellers and few buyers, which can lead to price fluctuations.

Q15: Ans: What is the e-choupal initiative?
The e-choupal initiative by ITC aims to empower small farmers by providing them with Internet access for information and marketing.

Long Answer Questions

Q1: Explain how markets have evolved from the barter system to the use of currency.
Ans: Initially, goods and services were exchanged directly through the barter system. As human civilization progressed, the use of currency was introduced, making the buying and selling of goods more straightforward and efficient.

Q2: Discuss the importance of traders in the market.
Ans: Traders are crucial as they bridge the gap between producers, who make the goods, and consumers, who need these goods. They facilitate the smooth exchange of goods and services, ensuring that products reach the end-users.

Q3: Explain the role of wholesalers in the distribution chain.
Ans: Wholesalers play a critical role in the distribution chain by buying goods in bulk from manufacturers and selling them to retailers or industrial users. They facilitate the movement of goods from production to consumption, manage risks, and offer credit facilities to retailers.

Q4: Describe the benefits of retail markets to suppliers.
Ans: Retail markets allow suppliers to reach their target markets effectively, build demand for their products, and receive valuable feedback from consumers. They help in understanding consumer needs and preferences, crucial for product development and marketing strategies.

Q5: Discuss how government-regulated markets ensure fair prices for farmers.
Ans: Government-regulated markets ensure fair prices for farmers through proper sales methods and transparency, helping to prevent exploitation and ensure that farmers receive a fair share for their produce.

Q6: Explain the impact of the e-choupal initiative on Indian farmers.
Ans: The e-choupal initiative has significantly impacted Indian farmers by increasing their income, reducing costs, and improving the quality of their produce. It provides them with internet access for better information and marketing opportunities, empowering them and allowing them to sell their produce at fair prices, thereby protecting them from exploitation.