Dunes International School
Academic Year 2024-2025
Notes-Lesson 8 Markets Around Us (Social & Political Life)
Name: __________________________ Subject: Social Studies
Grade 7 Sec:
Short Answer Questions
1. What is the best way to protect the interest of farmers and weavers?
The best way to protect the interest of farmers and weavers is to establish cooperatives and
ensuring that rules are strictly put into practice. They can get loans on low rate of interest,
essential expertise and even help in marketing of their commodities.
2. State three reasons that make neighbourhood shops a popular market for the people living
around.
The biggest advantage of neighbourhood shops is that they are located in close vicinity; as a
result, the consumer and trader know each other. The merchandise sold here are expensive,
but the shopper can buy goods on credit.
3. As compared to permanent shops, why are weekly markets cheaper?
A weekly market is a temporary open market held on a particular day of the week. In this kind
of market, makeshift stalls are set up and so, unlike permanent shops they do not incur a lot of
operating costs like rent, electricity and tax. As a vendor at a Weekly Market result, price of
commodities in weekly market is also cheaper.
4. Evaluate the role of intermediaries in a market scenario.
A manufacturer cannot to get in touch with all his customers directly. For example, an onion
farmer in Nashik cannot reach out to millions of consumers throughout the country. So, he has
to take the help of intermediaries like retailers or wholesalers. These intermediaries are
traders, who connect the producer and consumer. They take care of two very significant
hurdles of trade-distance between place of manufacture and consumption; and time gap
between creation and use. Besides, intermediaries make goods accessible to customers at
reasonable prices as they buy goods in bulk that help in keeping the product prices low. They
also provide information about change in taste of consumers and activities of opponent
companies in the market.
5. How is a retailer different from a wholesaler?
A wholesaler buys goods in bulk from manufacturers or their agents and stocks them in a
warehouse. Whereas, the retailer buys from the wholesaler and sells various commodities to
the consumer in small quantities through different kinds of retail outlets.
Application Based Question
Sameer's mother prefers to buy vegetables and grocery from the weekly market rather than
from the permanent market. With reference from the lesson, explain why she prefers the
weekly market?
At these markets, a large number of shops sell similar products, so
there is stiff competition. Therefore, the seller cannot overcharge
and the buyer can bargain and get the best possible price. Another
important advantage is that at a weekly market we get a large variety
of things (like grocery, vegetables, utensils, bags, clothes, ornaments,
furnishings at low price.
Long Answer Questions
1. What is a market? Compare a weekly market with a neighbourhood market.
A market is a place where goods and services are exchanged for a particular price. Markets
have been an integral part of our lives since ancient times.
Weekly market
• A weekly market is a temporary open market held on a particular day of the week.
• In this kind of market, makeshift stalls are set up and so, unlike permanent shops they
do not incur a lot of operating costs like rent, electricity, tax, etc.
• As a result, price of commodities in weekly market is also cheaper.
• Whereas, the neighbourhood shops are there next to residential areas - grocer, barber,
medicine store, sweetmeat shop, dairy, tailor, vegetables, fruit sellers, etc.
• The shop owners of the weekly market generally store the goods at home.
• Their family members assist them so they need not hire labour. At these markets, a
large number of shops sell similar products, so there is stiff competition.
• The shops in the neighbourhood area on the other hand are permanent most of the
times and the owners of the permanent shops have to pay taxes and rent.
An important advantage of weekly markets is the variety of things one gets at low prices,
whereas the biggest advantage of neighbourhood shops is that they are located in close vicinity;
as a result, the consumer and trader know each other.
2. Write a short note on different types of retailers.
A retailer buys products from the manufacturer or wholesaler and sells it to the consumer.
There are different types of retailers; the shops in the neighbourhood area, weekly market
shops, shops in a shopping complex or in a shopping mall, and online retailing business. There
are the department stores offering a variety of products. There are supermarkets which are a
self-service store consisting mainly of grocery. A weekly market is a temporary market held on a
particular day of the week. In most large towns and cities, one comes across marketplaces next
to residential areas-grocer, barber, medicine store, etc. In urban areas, we come across a group
of shops under one roof, popularly known as shopping complex. Another popular market place
in urban area is the mall. Hence, there are various retailers in the market.
3. What are the advantages and disadvantages of 'putting-out system'?
Putting-out system is a method of manufacturing wherein the merchants provide raw material
to the independent small weavers. The weavers process the raw material and return the
finished product to the trader within a stipulated time. This system of manufacturing is widely
practised in different parts of India. This system is advantageous for weavers. Firstly, they do
not have to pay for the yarn; second, they do not have to worry about selling the finished
products. However, the biggest disadvantage is that the merchants exercise a lot of power as
they get to decide what is to be made and pay insufficient amount for the weaver's hard work.
4. Write a brief note on how the chain of markets is set up.
All goods travel through a chain of markets before they reach us. The wholesale trader
purchases in bulk from the manufacturer or agent and stocks them in a warehouse. The retailer
buys from the wholesaler and sells various commodities to the consumer in smallquantities
through different kinds of retail outlets.
5. With changing times, the concept of markets has undergone a remarkable change.
Elaborate on the statement.
With the changing times, the concept of markets has also undergone a remarkable change.
Nowadays, we can make purchases even sitting at home through phone or internet. We simply
place order on the phone or internet and can make payment on delivery or online with credit
cards. For example, companies like Flipkart and Snapdeal sell a variety of merchandise online.
Besides, there exists special markets which we are not aware of because we do not use them
directly. For example, farmers use pesticides, tractors and many other types of equipment to
grow cotton crop. They procure these from special shops located in large towns or cities.
6. explain briefly how market promotes inequality.
We do not see equality in the market. Big and powerful business persons earn huge profits
while small traders earn very little. For example, the shop owners in 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 earning of these
two people is also unequal. The weekly market trader earns little profit whereas the shopping
complex owner gains 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 market place.
