NCERT Solutions Class – 7th Social Science (Civics) Chapter – 7 Markets Around Us Notes What are the 4 types of market?, What are the 3 types of market?, What are the 5 basic markets?, What are the 7 types of market?, What are examples of markets?, What are the 8 types of market?
NCERT Solutions Class – 7th Social Science (Civics) Chapter – 7 Markets Around Us
Chapter – 7
Markets Around Us
Notes
Weekly Market
A weekly market is so-called because it is held on a specific day of the week.
Shops may be permanent or hawker type. They provide different goods and sometimes even on credit.
There are thousands of such markets in India. People come here for their everyday requirements.
Traders set up shops for the day and then close them up in the evening.
Many things are available in a weekly market at cheaper rates.
Weekly markets even have a large number of shops selling the same goods which means there is a competition among them.
One advantage of weekly markets is that most of the things of need are available in one place.
Shops in the Neighborhood
There are many shops that sell goods and services in our neighborhood.
We may buy milk from the dairy, grocery from the departmental stores, etc.
These shops are useful as they are near our home and we can go there on any day of the week.
Shopping Complexes
There are other markets in the urban area which have many shops at one place called a shopping complex.
In many urban areas, we also have multi-storied air-conditioned buildings with shops on different floors as malls.
Malls sell branded and non branded goods and invest a huge amount of money in their shops.
Markets and equality – We have also examined the chain of markets that is formed before goods can reach us. It is through this chain that what is produced in one place reaches people everywhere. When things are sold, it encourages production and new opportunities are created for people to earn.
Shopping complexes and malls – The companies producing these products sell them through shops in large urban markets and, at times, through special showrooms. As compared to nonbranded goods, fewer people can afford to buy branded ones
There are many kinds of markets – shops, hawker’s stall in our neighborhood, a weekly market, shopping complex and mall.
The weekly market is held on a specific day of the week – Such markets do not have permanent shops. Traders set up shops for the day and then close them up in the evening. Things in weekly markets are available at cheaper rates. We can bargain easily. Another feature of these markets is that most of the things that we need are available at one place.
We also find shops in our neighborhoods – These shops sell things of daily use. We may buy milk from the dairy, groceries from departmental stores, stationery, eatables or medicines from other shops. Shops in the neighbourhood may be permanent and roadside stalls. Neighborhood shops are very useful. As the buyer and seller know each other, these shops also provide goods on credit.
Weekly Market – It is held on a specific day of the week. Such markets do not have permanent shops.
Mall – It is a large multi – storied air-conditioned building with shops on different floors. Malls are found in urban areas.
Chain of Market – A series of markets that are connected like links in a chain because goods or products pass from one market to another.
Wholesaler – The trader who buys a product in huge quantities from the producers, and sells this product to small traders, i.e. retailers
Retailer – The trader who buys goods from the wholesaler in small quantity and sells this to the consumer.
Glossary Weekly market – These markets are not daily markets but are to be found at a particular place on one or maybe two days of the week. These markets most often sell everything that a household needs ranging from vegetables to clothes to utensils.
Mall – This is an enclosed shopping space. This is usually a large building with many floors that has shops, restaurants and, at times, even a cinema theatre. These shops most often sell branded products.
Wholesale – This refers to buying and selling in large quantities. Most products, including vegetables, fruits and flowers have special wholesale markets.
Chain of markets – A series of markets that are connected like links in a chain because products pass from one market to another.
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