Class 7 Social Science Markets Around us Exam Notes

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Class 7 Social Science Markets Around us Exam Notes. Please refer to the examination notes which you can use for preparing and revising for exams. These notes will help you to revise the concepts quickly and get good marks.

Introduction

(1) We go to the market to buy many things – vegetables, soap, toothpaste, masala, bread, rice, dal, clothes, notebooks, biscuits, etc. If we make a list of the goods that we purchase, it would be really long.

 (2) There are many kinds of markets that we may visit for our everyday needs: these can include shops, hawker’s stalls in our neighbourhood, a weekly market, a large shopping complex, perhaps even a mall.

Types Of Markets

(a) Weakly Market :

1.A weekly market is so called because it is held on a specific day of the week.

2.Weekly markets do not have permanent shops.

3.Traders set up shops for the day and then close them up in the evening. Then they may set up at a different place the next day.

4.There are thousands of such markets in India. People come here for their everyday requirements.

5.Many things in weekly markets are available at cheaper rates. This is because when shops are in permanent buildings, they incur a lot of expenditure – they have to pay rent, electricity, fees to the government. They also have to pay wages to their workers. In weekly markets, these shop owners store the things they sell at home. Most of them are helped by their family members and, hence, do not need to hire workers.

6.Weekly markets also have a large number of shops selling the same goods which means there is competition among them. If some trader were to charge a high price, people would move to another shop where the same thing may be available more cheaply or where the buyer can bargain and bring the price down.

7.One of the advantages of weekly markets is that most things you need are available at one place. Whether you want vegetables, groceries or cloth items, utensils – all of them can be found here. You do not have to go to different areas to buy different things. People also prefer going to a market where they have a choice and a variety of goods.

(b) Shops in the neighborhood :

We have seen that the weekly markets offer a variety of goods. However, we also buy things from other kinds of markets.

1.There are many shops that sell goods and services in our neighbourhoods.

2.We may buy milk from the dairy, groceries from departmental stores, stationery, eatables or medicines from othershosps.

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