Multiple Choice Questions
Q1.
Ans: (b) consumers
Consumers are those who purchase goods and services for personal use, as opposed to producers who create these goods and services, and traders who act as intermediaries in the market.
Q2.
Ans: (a) two main types
The text specifies that markets are primarily divided into retail markets and wholesale markets.
Q3.
Ans: (a) producers
Producers are those involved in the creation or production of goods and services which are then sold in various markets.
Q4.
Ans: (a) speciality stores
Specialty stores focus on a specific category of products, offering a particular type of goods.
Q5.
Ans: (b) retail market
The retail market is the final step in the distribution chain where retailers sell goods directly to consumers for personal use.
Q6.
Ans: (c) mobile traders
Mobile traders or vendors move from one location to another, not being tied to a fixed retail space.
Q7.
Ans: (a) retail market
Chain stores are a type of retail market, consisting of multiple outlets under a single brand offering similar goods.
Q8.
Ans: (b) arhatiyas
Arhatiyas are intermediaries in the agricultural market, helping in the sale of farmers' produce to wholesalers.
Q9.
Ans: (a) producers and retailers
Wholesalers facilitate transactions between producers, who supply the goods, and retailers, who sell them to consumers.
Q10.
Ans: (a) an electronically linked Internet connection
E-choupal is an initiative that uses the internet to empower farmers, providing them with access to information and markets directly.
One Sentence Answers
Q1.
Ans: A market is a place where buyers and sellers meet to exchange goods and services for money.
Q2.
Ans: The two main types of markets are retail markets and wholesale markets.
Q3.
Ans: A wholesaler is a person or entity who buys goods in bulk from producers or their agents and sells them to retailers or other entities but not directly to consumers.
Q4.
Ans: Consumers select markets based on factors like location, budget, product availability, credit facilities, price, and quality.
Q5.
Ans: The basic idea behind initiating the e-choupal is to empower farmers by providing them with internet access, thereby enabling them to make informed decisions and get fair prices for their produce.
Brief Answers
Q1.
Ans: In India, markets can be broadly classified into retail and wholesale markets, with further categorizations like weekly markets, mobile vendors, general stores, specialty stores, departmental stores, shopping malls, chain stores, and franchise outlets.
Q2.
Ans: Types of retail stores in India include mobile vendors who sell goods as they move from place to place, fixed shop retailers with permanent locations, specialty stores focusing on specific product types, general stores with a wide range of items, departmental stores offering various categories under one roof, and franchise outlets operating under a common brand.
Q3.
Ans: A mobile trader or vendor moves from place to place to sell goods, unlike a fixed shop retailer who sells goods from a permanent and specific location.
Q4.
Ans: A departmental store is a large retail store offering a wide variety of goods organized into different departments within the same building. Yes, departmental stores can be found within shopping malls.
Q5.
Ans: Franchise outlets are retail stores operating under the name and brand of a larger company, typically following specific operational guidelines provided by the franchisor.
Detailed Answers
Q1.
Ans: Retailers play a crucial role in the distribution chain by selling products directly to consumers, ensuring customer satisfaction through innovative product presentation, advertising, providing a pleasant shopping experience, and offering services like home delivery and after-sales support.
Q2.
Ans: While retailers deal directly with consumers, wholesalers operate by purchasing goods in bulk from producers and selling them to retailers or other buyers, not directly to end consumers. They provide credit, handle bulk storage, and manage supply chains.
Q3.
Ans: Selling in a mandi offers farmers the advantages of better pricing through competitive bidding, direct access to a large number of buyers, and reduced risk of exploitation by intermediaries.
Q4.
Ans: Intermediaries help farmers in selling their produce to wholesalers or processing units, potentially providing market information and logistic support, but they might prioritize their own profit margins, sometimes at the expense of farmers.
Q5.
Ans: E-choupal is an initiative by ITC Limited aimed at empowering small farmers through technology, specifically the internet. It provides farmers with information on weather forecasts, market prices, and agricultural best practices, facilitating better decision-making and direct market access.
