PRUDENCE, ASHOK VIHAR

SOCIAL SCIENCE
2021-2022
GRADE 7: SPL
CHAPTER 7 : MARKETS AROUND US
NOTES
MARKETS:-

 Market is a place where the goods are sold by the sellers in exchange for money from
buyers.
 We go to the market to buy everyday essentials, comfort goods and luxury goods.
 In other words, we purchase apparels, footwear, housekeeping items, home
appliances, stationery, artefacts, etc. from the market.

THE KINDS OF MARKETS WE VISIT FOR OUR BASIC NEEDS AND

COMFORTABLE LIVING INCLUDES:-

WEEKLY MARKET SUPER MARKETS/MALLS

NEIGHBOURHOOD SHOPS
 Weekly market Neighbourhood Market Super Markets/Malls

Weekly markets are These shops are open Malls are open all days.
those which are held all days barring one.
on a specific day of
the week.

Malls are multi-storeyed, air

conditioned buildings with permanent
It does not have They have a permanent shops and well maintained
permanent shops. structure. infrastructure.

Traders set up shop Shop keeper has Malls also have fixed operating hours.
for the day and close regular hours for
them up by evening. opening the shop.

Malls sell well known and highly

advertised brands hence the goods are
Many day to day We have our overly priced.
requirements are departmental store,
available in these stationery stores ,
shops. ex-vegetables, chemist shops,
groceries, etc. hawkers, mechanics
etc.

There are many The buyer and seller There is neither any bargain nor credit
 shops selling same know each other and facility available.
things therefore a hence the advantage is
customer can bargain we can buy on credit.
or move on to buy
his/her requirement
from the seller who
is selling it cheaper.

The goods carry a guarantee as well

an exchange offer and sometimes a
total refund of money is allowed
Goods purchased One may find branded within a specific time period.

from here are non- items and get

branded and carry no guarantee for certain
guarantee. items.

The shops have a manager and his

The seller works The shopkeeper is team
alone or is helped by assisted by one or of assistants to extend all help to the
his family members. more helpers. customer.

Advantages of weekly markets:-

1. One stop shop: All the items are available under one roof. Buyers do not have to
go to different places for different goods.

2. Saves time: This saves their time and money. Whether they want groceries,
vegetables, clothes or footwear- all are available at one place.

3. More choice for buyers: Since there are many sellers selling the same product, the
buyer has a choice regarding whom to buy from.
4. Convenience: Since a high variety of goods are available, it is very convenient for the
buyer.
Advantages of shops in the Neighbourhood:-
1. Proximity: As the name suggests these shops are in our neighbourhood and hence close
to our homes.

2. Open all days: These shops, unlike weekly markets, operate on all days. Hence we
can go for our purchases on any day of the week at our convenience.

3. Flexibility: Since the buyer and seller know each other these shops give goods on
credit also. Hence payment can be made later also. In other words, there is flexibility
regarding payment.

4. Personal touch: Since the buyer and seller know each other, the transaction has a
personal touch to it and is thus not purely a commercial transaction.

Advantages of Malls:-
1. Shopping in supermarkets helps consumer feel comfortable. The supermarkets are air
conditioned to create a cool atmosphere for customers.
2. A lot of variety of products is available in the super markets.
3. The foods in the supermarket are of good quality, safety and hygiene.
4. The services in supermarket are good. The service staff is very careful, thoughtful and
enthusiastic.
5. The working hours of malls help busy people to have time to go shopping.
6. Anytime the commodities are always available, it helps them to buy anything they want.
7. Supermarkets often have great promotions and customers will have the opportunity to
receive attractive gifts which makes the customer feel excited.

Other forms of markets

A. Virtual Markets:-

 Apart from the above mentioned common markets, people today are increasing
using the virtual or online mode of buying and selling of products.
 These days it is not necessary for the consumers to go to the market to buy things.
He/she can do so at the convenience of his/her home.
 He/she can either order goods on phone or use the internet and buy things online.
 These days the use of applications commonly known as ‘apps’ for buying
groceries, hiring taxi services, etc. has become an everyday affair.
 For example; Big Basket, Ola cabs and many others have their apps to facilitate
buying using mobile phones.

B. Sales Representatives:-
Sometimes some sale representatives also visit us at our homes to sell their products.
 1. The medical representatives who come to clinics and nursing homes are also
actually selling their goods.
2. The sales girls selling a particular brand of soap or a detergent.

C. Market for goods used in the manufacturing process:-

A market exists also for goods that are not directly used by
the consumer. For example;

a) The fertilizers used by the farmers are purchased by him from a shop in the
city. The shopkeeper in turn buys them from factories.

b) The products used in manufacturing and assembling a car; like the engine, axles,
petrol tanks, etc. are also bought and sold in different markets.
Chain of Markets:-

 This refers to the series of exchange of goods that takes place from the goods produced to
the time they reach the end user i.e. the final consumer.
The chain of market is as follows:-

PRODUCER:-

 The market starts with the production of a commodity. It is the producer or a

manufacturer who produces the product for the consumer.
 This production can take place in a home, factory or farm.

TRADERS:-

• Traders are the people in between the producer and the final consumer.

• The wholesale traders are the ones who first buy goods from factories or farms in bulk and
store them in the go down for selling it further.

RETAILER:-ER

• A retailer is that trader who sells the product finally to the consumer.

• This retailer can be from a weekly market, a hawker in the neighbourhood market
or a shop in a shopping complex.

CONSUMER:-SUMER

• The consumer is the last link in the chain of the market. He/she uses the good for their final
consumption.
MARKETS AND EQUALITY:-
Since markets are a place for buying and selling, more demand for goods and hence more sales
would boost the production and the opportunities for people to earn. However, still there is a
lot of inequality in the markets. This inequality is in the following terms-
1. Seller of the commodity: The seller of a weekly market is unequal to the seller in
the malls or the neighbourhood markets in terms of profits and selling capacity.

2. Buyer of the commodity: Also, there is difference between the purchasing power of
the buyers of the commodity as a buyer of the weekly market is different from the
buyer of the shopping complex in terms of income.