Class 7 Social Science NCERT
Chapter 7 Market Around Us summary with NCERT Solution
Markets Around Us – Summary
We all go to markets to buy different things like vegetables, clothes, soap, books, and other daily-use items. But have you noticed that not all markets are the same? This chapter explains the different types of markets and how they work.
Weekly Markets
A *weekly market* happens on a fixed day of the week. Sellers set up their shops for one day and move to another place the next day. These markets are very common in India. People prefer shopping in weekly markets because:
- Prices are lower than in permanent shops.
- They can bargain and get better deals.
- Everything they need is available in one place.
Sellers in weekly markets are usually small traders. They don’t have to pay rent or electricity bills like big shop owners, so their costs are low. That’s why goods in these markets are cheaper.
Shops in the Neighbourhood
Besides weekly markets, we also buy things from nearby shops. These can be:
- Dairy shops for milk.
- Grocery stores for rice, sugar, and other food items.
- Medical stores for medicines.
Neighbourhood shops are helpful because they are close to home, and they often sell things on credit, meaning you can pay later.
Shopping Complexes and Malls
Shopping complexes are large buildings with many shops inside. Some of these places are called *malls*, which have air-conditioned stores that sell expensive and branded products. People do not usually bargain in malls because prices are fixed. However, not everyone can afford to shop in these places, as goods are much costlier than in weekly markets or roadside stalls.
Chain of Markets
When we buy something from a shop, it does not come directly from the factory or farm. Instead, it passes through many traders before reaching us. This is called a *chain of markets*. For example, vegetables first reach a wholesale trader, who sells them to smaller shopkeepers and hawkers, and finally, customers buy them.
A wholesale trader buys things in large quantities, stores them in a warehouse, and sells them to retailers. This process helps in the smooth distribution of goods.
Markets Everywhere
We don’t always have to go to a market to buy things. Nowadays, we can order food, clothes, and other products online or by phone, and they are delivered to our homes. Even doctors get visits from sales representatives who sell medicines.
Markets and Inequality
Markets do not provide the same opportunities to everyone. Small traders in weekly markets earn less money than big shop owners in malls. Similarly, some customers can afford expensive products, while others struggle to buy basic goods.
Conclusion
Markets are important because they connect buyers and sellers. Some markets are cheap, while others are costly. Some people earn more money than others, which creates inequality. Understanding how markets work helps us see how products reach us and how different sellers and buyers are affected by these systems.
~~The END~~
Chapter 7 Market Around Us summary with NCERT Solution
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