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Grade Level 7 - Resource

The document explains key concepts related to markets, including types such as weekly markets, neighborhood shops, and shopping complexes, along with their characteristics. It outlines the chain of markets from producers to consumers and discusses buying and selling methods, highlighting economic disparities and opportunities within the marketplace. Understanding these dynamics is essential for navigating everyday needs and comprehending the economy.

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6 views

Grade Level 7 - Resource

The document explains key concepts related to markets, including types such as weekly markets, neighborhood shops, and shopping complexes, along with their characteristics. It outlines the chain of markets from producers to consumers and discusses buying and selling methods, highlighting economic disparities and opportunities within the marketplace. Understanding these dynamics is essential for navigating everyday needs and comprehending the economy.

Uploaded by

aleenasarajesson123
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Academic Year

2024-25
Topic: Understanding Markets Around Us

At A Glance
In this resource, we will break down the key concepts related to markets, their types,
and the dynamics of buying and selling. This will help you understand how markets
function and the various roles involved in the process.

I] Types of Markets

a. Weekly Markets

Definition: A weekly market is held on a specific day of the week and does not have
permanent shops.
Characteristics:
● Traders set up temporary stalls for the day.
● Goods are often cheaper due to lower overhead costs (no rent, fewer
employees).
● A variety of goods are available in one location, making it convenient for
shoppers.
Example: A weekly market in your neighborhood where you can buy vegetables,
clothes, and groceries all in one place.

b. Neighborhood Shops

Definition: These are permanent shops or roadside stalls where goods and services
are sold.
Characteristics:
● Close to home and open throughout the week.
● Sellers and buyers often know each other.
● Some shops offer goods on credit, allowing customers to pay later.
Example: A local grocery store or a dairy where you buy milk and bread.

c. Shopping Complexes and Malls

Definition: Large buildings with many shops, often air-conditioned and multi-storied.
Characteristics:
● Offer both branded and non-branded goods.
● Branded goods are usually more expensive and heavily advertised.
Example: A shopping mall where you can find clothing brands, electronics, and food
courts.

II] The Chain of Markets

● Producers to Consumers: Goods are produced in factories, farms, or homes


but are not sold directly to consumers.
● Traders' Role:
● Wholesale Traders: Buy goods in large quantities (e.g., 25-100 kilos of
vegetables) and sell them to retailers.
● Retailers: Sell goods to the final consumers, such as hawkers, shop owners, or
market traders.
Example: A vegetable wholesaler purchases from farmers and sells to local shops or
weekly market traders.

III] Buying and Selling Methods

● Direct Purchase: Visiting a market or shop to buy goods.


● Online Orders: Using the internet or phone to order goods that are delivered to
your home.
● Sales Representatives: Individuals who sell goods in places like clinics and
nursing homes. Example: Ordering groceries online and having them delivered
to your doorstep.
IV] Markets and Equality

Economic Disparity: There is a difference in the financial capabilities of traders and


consumers.
● Small traders in weekly markets often earn less than those in shopping
complexes.
● Some consumers cannot afford even the cheapest goods, while others shop in
expensive malls.
Opportunities: The availability of markets creates job opportunities and encourages
production, but not everyone has equal access to these opportunities. Example:
Comparing a small shop owner in a weekly market with a large retailer in a mall.

Conclusion:

Understanding the different types of markets and their functions helps us appreciate
the complexity of buying and selling goods. Recognizing the roles of producers,
traders, and consumers allows us to see how goods travel from their origin to our
hands. It also highlights the inequalities present in the marketplace, influencing who
can participate as buyers and sellers.

This knowledge is essential as we navigate our everyday needs and understand the
economy around us.

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