7 Ch.23 Markets Around Us

 Chapter - 23 Markets Around Us

Something To Know

A. Tick  the correct option:

1. Where do most people prefer to go to fulfill their day to day requirements ?

(a ) phadi market (b) a popular Store (c) a mall 

(d ) neighborhood market

2. A democratic government is committed to protect the interest of --

(a) the minorities (b) women and children 

(c) SCs, STs and OBCs (d)  all sections of the society.

3. The price of goods in market is determined by the factors like -

(a) demand by consumers (b) requirement of the manufactures (c) variety of goods available (d) import and export restrictions

4. Wages of people working in a market are low as --

(a)  government is not paying attention (b) their employers are exploiting them (c) the workers are more but work is less (d) their wages have not been fixed by government

5. Which one of the following statements about a democratic government is false--

(a) it provides opportunities to ensure equitable distribution of goods (b)  it provides facilities to eradicate social inequalities(c) it provides all types of service to all the citizens (d) it provides equal distribution of wealth

B. Fill in the blanks:

1. A retailer sells goods at a higher price.

2.  From wholesale market we buy items that can be store for a longer time.

3.  The Public Distribution System ensures the distribution of rice, wheat and sugar at reasonable rate for the poor.

4. Markets also determine the wages.

5. Our government has fixed minimum wages for the workers.

C. Match the following:

1. Market               d. place for sale and purchase of goods 

2. Retailer              c. sells at the higher price

3. Economic inequality b. inequality of economic asserts and incomes

4. PDS                     e. distribution of goods at reasonable rate 

5. Wholesaler         a. buys directly from the producer

D. Answer the following questions in brief.

1. Define a market .Name different kinds of markets.

Ans. A place where buyers and sellers engage in the activity of sale and purchase of goods .

There are two types of markets -

1.  Wholesale markets 

2.  Retail markets

2. State the result of competition among workers.

Ans. Competition among workers tends to lower the wage. If anyone worker demands higher wage , the employer can remove him and simply hire another at a low wage.

3. Why is there a difference in prices between a wholesale and a retail market ?

Ans. A buyer can save a lot of money to buying directly from the wholesale market as the whole seller buys directly from the producer or the manufacturers.

         The retailer sells the goods in a smaller quantities / numbers but at a higher price as he buys from the wholesale market and adds the cost of transportation, investment of money, time, storage charges and profit on the price of goods.

4. Mention three benefits of shopping in a weekly market .

Ans. 1. The goods are cheaper in a weekly market.

2. People go to such markets as most things of daily use are available at one place and they do not have to go to different places.

3. The customers are free to bargain.

5. What is economic inequality?

Ans. Economic inequality means inequality of economic assets and incomes among individuals and groups within a society.

E. Answer the following questions:

1. Do you buy different types of goods from different markets ?  Support your answer with two examples.

Ans. Yes, we buy  the different types of goods from different markets but not always generally we purchase goods of daily use from a general store, vegetable from a weekly market or from the green groceries. If we have to purchase the things which can be stored, we purchase from the wholesale market.

2. How does market create inequalities that harm democracy?

Ans. The person who invests more money in the markets get more benefit. A business with small capital has to face the competition and has to suffer. He cannot survive in the market does market creates inequality.

3. Explain the terms 'demand' and 'supply' with an example for our daily life.

Ans. The amount of commodity for which the people are willing to pay and buy is known as 'demand'. The amount of commodity for which is available in the market is known as 'supply'.

         Example -- If one lakh people are  willing to buy a particular soap that is demand if  only fifty thousand of that particular soap is available in the market, that is supply. Now we can say that demand is more than supply.

4. Describe the role played by the government in protecting the interest of all sections of the society .

Ans. The government usually protected the the interest of poor people . 

It provided wheat, sugar rice and kerosene at the reasonable rate .

The government safeguard the interest for the poor farmers for getting the right price of their crops.

 It provided loan, irrigation and electric facilities at the subsidised rates.

5. Compare the price of plastic bucket from the weekly market and a mall. What are the reasons behind the difference in price and why?

Ans. A price of a plastic bucket from the weekly market is less than the price from a mall. A small business has to expand a lot of money on decoration on the wages of its staff members etc. 

        A weekly market is held on the land which has normal rent. The shopkeepers have not other expenses. So, the goods are cheaper here. But generally goods are not branded.