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Markets Around Us Class 7 Notes CBSE Political Science Chapter 7 (Free PDF Download)

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Last updated date: 17th May 2024
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Markets Around Us Class 7 Notes Political Science (Civics) Chapter 7 - PDF Download

Embark on an exciting journey with Class 7 Chapter 7 - "Markets Around Us." Explore how markets work and influence our lives. Delve into the lively world of buying and selling, discovering diverse markets shaping our communities. Find easy-to-understand, comprehensive Class 7 Civics Chapter 7 notes, prepared by experienced teachers, aiding effective study before board exams. Download the free PDF for offline study convenience.


Download CBSE Class 7 Political Science Revision Notes 2024-25 PDF

Also, check CBSE Class 7 Political Science revision notes for All chapters:


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Access Class 7 Social Science Chapter 7 - Markets Around Us Notes

  • A market is where buyers & sellers are involved in sale and purchase of goods. It establishes a good link between the producer and the consumer.

  • There are several different kind of markets namely; weekly markets, shops nearby us , shopping complex , mall etc

  • The profit earned by these different markets varies. It depends upon the type of investment made by the seller and buying capacity of the customer.

  • In the present times, goods are also sold by online marketing and home delivery.


  • Weekly Market

  • A weekly market is named as such because it is held on a specific day of the week.

  • Shops may be permanent or hawker type. It provides different goods and sometimes even on credit.

  • There are thousands of such markets in India. People also come here to meet their everyday requirements.

  • Traders can set up shops for the day and then close them up in the evening.

  • Many things are generally available in a weekly market at cheaper rates.

  • Weekly markets with lots of shops selling the same entity or goods caused competition among them.

  • One advantage of such weekly markets is that most of the things of need are available in one place.


  • Shops in the Neighbourhood

  • There are many shops which sell goods and services in our neighborhood.

  • We buy milk from the dairy, grocery shop or sometimes from the departmental stores nearby us.

  • These shops are also useful as they are near our home and we can go there on any day of the week.

  • Shopping Complexes

  • There are several other markets in the urban areas that consist of many shops all at one place called a shopping complex.

  • Malls sell branded & non branded goods and invest a huge amount of money in their shops.


  • Chain of Markets

  • The people in b/w the producer and the final consumer are traders.

  • The person who produces goods is the producer. The person who buys such goods from him is the wholesaler. The wholesaler then gives it to some traders who then provide it to the consumer.

  • This trader is also known as the retailer.

  • The retailer could be either a trader in a weekly market, or could be a hawker, or a neighborhood shop owner in the shopping complex.


  • Markets Everywhere

  • All markets work in space in a particular manner and time.

  • Buying & selling of goods occurs in different ways. It may or may not be necessarily through shops in the market.

  • There are even some markets which we may not be even aware of. This is because a large number of goods which we don’t use directly are also bought and sold here. For eg. a car factory may purchase engine, parts, gears, petrol, wheels, etc. from various other factories. We, however, may not get to know about either the manufacturers or sellers involved in it.

  • The different kinds of markets that we see around us- shops, stalls present in our neighborhood, sometimes a weekly market, shopping complexes and malls.


Mnemonics for Class 7 Students to Remember Concepts from Markets Around Us

Here are simple mnemonics for Class 7 students to remember concepts from Chapter 7 "Markets Around Us":


1. Supply and Demand:

  • Mnemonic: "Sharing Sandwiches"

  • Explanation: Think of sharing sandwiches to remember how supply and demand work together like sharing.


2. Producers and Consumers:

  • Mnemonic: "Puppies and Cookies"

  • Explanation: Picture puppies producing cookies for consumers to make the connection between producers and consumers.


3. Barter System:

  • Mnemonic: "Toy Trade"

  • Explanation: Imagine kids trading toys as a simple way to remember the barter system.


4. Money:

  • Mnemonic: "Magic Coins"

  • Explanation: Envision coins as magic tokens to represent the concept of money.


5. Market Types:

  • Mnemonic: "Friendly Market"

  • Explanation: Remember the types of markets with the phrase "Friendly Market" (Friendly, Monopoly, Perfect Competition).


6. Supply and Demand Balance:

  • Mnemonic: "Seesaw Fun"

  • Explanation: Visualize a seesaw tilting back and forth to grasp the balance between supply and demand.


7. Prices:

  • Mnemonic: "Penguin Price Tags"

  • Explanation: Imagine penguins with price tags on them to recall the concept of prices.


8. Role of Markets:

  • Mnemonic: "Market Magic"

  • Explanation: Think of markets as magical places where buying and selling create wonders.


What are the Benefits of Referring to Vedantu’s Revision Notes for Class 7 Chapter 7 - Markets Around Us

Embark on an insightful journey with Vedantu’s Revision Notes for Class 7 Chapter 7 - "Markets Around Us." These notes offer quick, clear summaries, simplifying complex topics and prioritizing key concepts. An efficient tool for last-minute prep, they enhance retention, support effective exam preparation, and boost confidence for a comprehensive understanding of this fascinating chapter.


1. Quick Summaries: Quickly grasp essential concepts related to "Markets Around Us" for efficient study sessions.


2. Simplified Learning: Easily understand complex topics, unraveling the dynamics of markets for better comprehension.


3. Last-Minute Prep: An effective tool for swift and focused last-minute preparation, ensuring readiness for exams.


4. Enhanced Retention: Reinforce crucial information about markets, aiding better retention and recall during exams.


5. Exam Support: Support your exam preparation with key points and valuable tips, guiding you through the nuances of market concepts.


6. Time-saving: Save valuable study time by accessing consolidated information that prioritizes important topics and questions.


7. Prioritized Topics: Focus on crucial topics related to "Markets Around Us," streamlining your preparation for better results.


8. Real-world Connections: Explore practical examples that connect market concepts to real-world scenarios, enriching your understanding.


9. Boosts Confidence: Build confidence for exams by relying on comprehensive notes designed to support your journey through the "Markets Around Us" chapter.


Conclusion

For an enhanced comprehension of this subject, NCERT - Class  7 Chapter 7 - Markets Around Us, thoughtfully prepared by experienced educators at Vedantu, is your invaluable companion. These notes break down the complexities of “Markets Around Us” into easily digestible sections, helping you grasp new concepts and navigate through questions effortlessly and quickly at the last minute as well. By immersing yourself in these notes, you not only prepare for your studies more efficiently but also develop a profound understanding of the subject matter.

FAQs on Markets Around Us Class 7 Notes CBSE Political Science Chapter 7 (Free PDF Download)

Q1. What do you mean by market according to Chapter 7 of Class 7 Civics?

Ans: A market is a place where buyers and sellers may trade products, services, and information in a controlled setting. Demand and supply are the driving forces behind market exchanges. Buying and selling can take place in a variety of ways, including outside of the market. The value and cost of traded products are determined by market supply and demand dynamics. The market might be physical, virtual, or both. For detailed solutions on Chapter 7 Class 7, Visit Vedantu.

Q2. What is the weekly market according to Chapter 7 of Class 7 Civics?

Ans: On a certain day of the week, the weekly market is held. There are no permanent stores in these marketplaces. Traders open their stores during the day and close them at night. Weekly marketplaces offer lower prices. One would find such examples near the major marketplaces. Different types of fruits, handmade goods, etc could be sold at these markets.

Q3. What are the types of market according to Chapter 7 of Class 7 Civics?

Ans: Markets can be classified as weekly markets, shops, retail complexes, or malls. Various markets make different amounts of money. It relies on the sort of investment made by the vendor and the customer's purchasing power. Goods are now also offered through internet marketing and home delivery. Furthermore, markets can also be perfect, monopolistic and so on depending on the type of goods and the type of services and more.  For detailed solutions on Chapter 7 Class 7, visit Vedantu app and website.

Q4. What does a chain of markets mean?

Ans: A market chain meets the needs of both producers and consumers. Because a producer cannot sell a small number of products to a single consumer, and consumers cannot buy vast quantities of things from producers. As a result, wholesalers, merchants, and other intermediaries are needed to connect producers and customers. Retail store owners that sell directly to customers constitute a chain of marketplaces that extends from wholesalers. They fall somewhere in between wholesale marketplaces and retailers.


Q5. What is the role of a retailer?

Ans: A retailer's duties include both purchasing and assembling products. As a result, the commodities are stored in large quantities and made available to the consumer as needed. Warehousing and storekeeping help to ensure that the commodities are always available to the public. For more detailed content and solutions for other questions visit the Vedantu site. Detailed modules and other help is also available along with different problems and their solutions. Students can also download the revision notes of this chapter free of cost from Vedantu website and mobile app.