INDIAN SCHOOL AL MAABELA
(ISO 9001:2015 CERTIFIED INSTITUTION)
MIDDLE SECTION 2024-2025
DEPARTMENT OF SOCIAL SCIENCE
NOTES
ISAM/FR/MDL/NS/05
Class: VII Notes of Topic/Lesson: Markets Around Us Year:2024-2025
I. Answer the following questions:
1. In what ways is a hawker different from a shop
owner?
Answer: A hawker provides door-to-door service. He
sells his goods by calling out the names of his items. He
generally owns a movable shop and keeps in its different
items for our everyday use. He sells his goods at a
minimum profit.
A shop owner runs his shop at one fixed place.
Whenever we need anything, we go there and purchase
it. Here, we get things at a somewhat costlier rate.
2. How does “credit” work between a customer and a
shopkeeper?
Ans: Credit is the term used when people do not pay
money on the spot. It means that a customer purchases
goods without paying money at the time of purchase. He
promises to pay later, and the shopkeeper notes the due
amount and the due date in his ledger.
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3. Write about the advantages of a weekly market.
Ans: The advantages of a weekly market are as follows:
People can have access to different items in one place.
People can buy goods in both larger and smaller
quantities.
The price is already cheap, and they can still bargain
as per their choices.
There is always more than one option available for the
buyer.
[Link] briefly about shopping complexes and malls.
Answer: Shopping complexes and malls are usually
found in urban areas. These are large multistoried air-
conditioned buildings with shops on different floors.
These shops sell both branded and non-branded goods.
Fewer people visit malls because they sell costly items.
Only well-to-do people can afford to buy these items.
5. How are shops in the neighborhood useful?
Answer: These types of shops are close to our home, and
we can go there anytime. As the buyer and seller know
each other these shops also provide goods on credit.
[Link] in brief on ‘market and equality’.
Answer: We do not see equality in the market. Big and
powerful businesspersons earn huge profits while small
traders earn very little. For example, the shop owners in
Notes 2024-2025 [Link] Page 2 of 5
a weekly market and those in a shopping complex are
two different people. One is a small trader who has little
money to run the shop. Whereas the other has a lot of
money to spend on the shop. The earnings of these two
people are also unequal. The weekly market trader
earns little profit whereas the shopping complex owner
earns a huge income.
Not only the shop owners are different people, but also
the buyers. In the market we see different types of
buyers There are several buyers who Eire not able to
afford even the cheapest of goods white others are busy
shopping for different luxurious items in malls. Thus,
we see no equality in the marketplace.
7. What are the various links in the chain through which
products pass in the market to reach the final
consumers?
Ans: There are various links in the chain through which
products pass in the market to reach the final
consumers include:
The wholesaler buys the products in huge amounts
directly from the producer.
And from these wholesalers or wholesale markets,
the goods are supplied to other traders.
Then a retailer would buy goods in smaller
quantities and transport them to different parts of the
city.
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Those goods are purchased by roadside hawkers
directly from the wholesaler or retailer.
Finally, the goods reach the consumers.
[Link] how a chain of markets is formed. What
purpose does it serve?
Answer: Goods are produced in factories, goods are also
produced in farms and in homes. But we are not
required to go to factories or farms to buy goods for our
needs, because the producers are not interested in
selling us small quantities. The wholesale traders do this
job. They are the people who come in between the
producer and the final consumer. They first buy goods
in bulk. Then they sell these goods to the retailers, who
finally sell this to the consumers.
From the above instance we conclude that from
factories to final consumers a chain is formed, which we
may call a chain of markets. We can better understand
it through the flow chart given below:
8.‘Buying and selling can take place without going to a
marketplace’. Explain this statement with the help of
examples.
Ans. It is correct that buying and selling can take place
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without going to a marketplace. It is done in the
following manner.
Examples:
We can order goods that we need over the telephone
and get their delivery.
Over the internet, we can visit the concerned website
and order the products.
We can pay through internet banking or on the
delivery of goods.
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