NCERT Solutions Class 12 Sociology The Market as a Social Institution. The NCERT solutions for Class 12 Sociology book have been made by Sociology teacher of one of the best CBSE school in India. Sociology in class 12 is an important subject for Class 12 Humanities students. Its easy to learn and can help to get good marks. These NCERT solutions have been made to give detailed answers and explanations which can be easily understood by the students. You can download the NCERT solutions for free in pdf format. Refer to other links also to download Class 12 Sociology NCERT solutions, worksheets, sample papers and test papers.
1.What is meant by the phrase ‘invisible hand’?
Answer. According to Adam Smith, every person looks for his own self-interest and in pursuit of this in-tum works for the self-interest of all .In this sense, there seems to be an unseen force at work that converts what is good for each individual into what is good for the society. This unseen force was called the “invisible hand’
2. How does a sociological perspective on markets differ from an economic one?
Answer. Adam Smith and other thinkers developed the ideas of modem economics. It is based on the idea that the economy can be studied as a separate part of society that operates according to its own laws, leaving out the larger social or political context in which market functions. On the other hand, sociologists have tried to develop an alternative way of studying economic institutions and processes within the larger social frameworks. In this way, ; sociologists consider markets as social institution which are made in culturally specific ways. Sociologists maintain that economies are socially ‘embedded’.
3. In what ways is a market—such as a weekly village market—a social institution?
Answer. Though markets are places of economic interaction, since they are based on a particular social context and social environment, we can also regard them as social institutions where a specific kind of social interaction take place. Periodic markets (or weekly markets) are a central feature of social and economic organization. They give a chance to surrounding villages to interact with each other while they sell their goods. In villages, in tribal areas apart from regular markets, specialised markets are also organized where specific products are sold such as in the fair of Pushkar in Rajasthan. Thus, traders from outside come and also moneylenders, entertainers, astrologers and other specialists offering their services and product. Therefore, these periodic markets just do not fulfil local needs, they link the villages with regional economies and sometimes national economies. Thus in tribal areas they help in maintaining interconnections, which makes these markets a social institution.
4. How do caste and kin networks contribute to the success of a business?
Answer. In the precolonial period on wards, India had an extensive trading connection, not only within the country but also outside.These trading connections were made by merchant groups who did extensive internal and
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