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Grade 7 - Markets around us - Reference Notes

The document discusses the differences between hawkers and shop owners, highlighting that hawkers provide door-to-door service with lower prices, while shop owners operate from a fixed location with higher prices. It also explains weekly markets as temporary setups that offer goods at cheaper rates due to lower overhead costs. Additionally, the document outlines the importance of marketing, differentiates between wholesalers and retailers, and describes how a chain of markets is formed to facilitate the distribution of goods from producers to consumers.

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5 views

Grade 7 - Markets around us - Reference Notes

The document discusses the differences between hawkers and shop owners, highlighting that hawkers provide door-to-door service with lower prices, while shop owners operate from a fixed location with higher prices. It also explains weekly markets as temporary setups that offer goods at cheaper rates due to lower overhead costs. Additionally, the document outlines the importance of marketing, differentiates between wholesalers and retailers, and describes how a chain of markets is formed to facilitate the distribution of goods from producers to consumers.

Uploaded by

neoeshal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Subject: Social Science

Chapter 7: Markets Around Us


Reference Notes

Short Answer Questions

Q.1. In what ways is a hawker different from a shop owner?


Ans. 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 it different
items of 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, items sold are costlier.
Q.2. Write a short note on weekly markets.

1. A weekly market is that one which is organized on a specific day of the week.

2. These do not have permanent shops.

3. Traders set the shops for a day and remove it by evening.

4. Then next day they set up a shop somewhere else.

5. The weekly markets or bazaars have items available at cheaper rates. This is
because they do not spend on infrastructure, shop, electricity, etc.

6. Weekly markets are quite advantageous as they sell several items like
vegetable, groceries, utensils, etc. at one place.

Long Answer Questions


Q.3. List the importance of marketing.

Ans. Importance of Marketing:


(a) It makes the consumer the king of the market.
(b) It generates employment in production, distribution and sale of goods.
(c) It helps in developing a country's economy.
(d) It satisfies needs, tastes and preferences of the customers.
(e) It brings a large-scale collection of goods under one roof.
(f) It helps producers to focus on production.
(g) It enhances export in a country's economy.
Q.4. Differentiate between wholesaler and retailer.
Ans.

Wholesaler Retailer

1. Wholesaler is engaged in bulk buying 1. A retailer takes goods from the


and selling of goods. wholesalers and sells those goods to the
consumers.
2. The wholesaler has no direct link with 2. They are the ones who are directly linked
the consumers with the consumers
3. They are required to buy a store and 3. To encourage consumers to buy goods, a
supply goods. retailer even resorts to discounts on the
purchases.
4. They have to keep sufficient stock, give 4. They give goods on credit to consumers;
goods on credit to retailers or advance their main aim is to retain the consumers.
money to producers.

Q.5. Explain how a chain of markets is formed. What purpose does it serve?

Ans: 1. Goods are produced in factories, goods are also produced in farms and in
homes.
2. We are not required to go to factories or farms to buy goods of our needs,
because the producers are not interested in selling us goods in small quantities.
3. 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.
4. From the above instance we come to the conclusion 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:

Wholesale
Factories/Farm Retailers Consumers
traders

It serves a great purpose. It maintains the flow of money. It makes easy availability of
various items of our daily use. It also promotes coordination in society.

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