Markets Around Us Class 7 Notes Political Science (Civics) Chapter 7 - PDF Download
CBSE Class 7 Political Science (Civics) Chapter 7 notes are carefully prepared by the expert teachers who are having years of experience in teaching Social Science. These Markets Around Us Class 7 notes are easy to understand, comprehensive, and a good study material to refer to before the board exams. Students can download notes of Class 7 Political Science (Civics) Chapter 7 in free PDF format to study offline as well.
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.