Chapter 7 Markets Around Us

Do Glossary from book

Weekly market, Mall, wholesale and Chain of markets
Answer the following questions.

1. In what ways is a hawker different from a shop owner?

Ans. A hawker is different from a shop owner because

a. The hawker does not have a permanent shop but moves from place to place, selling his
goods on the roadside and in weekly markets but shop keeper has permanent shop in
the market.
b. The shop keeper has to pay rent, maintenance and electricity bill of the shop but hawker
does not.
c. Hawker sells goods in cheap rate but shop keeper sells in costly price as he has to pay
bills.
2. Compare and contrast a weekly market and a shopping complex on the following:
Ans.
Prices of
Market Kind of goods sold Sellers Buyers
goods
Different items of everyday use People
Prices of
Weekly including fruits, vegetables, Small traders belonging to
goods are
market plastic products, clothes and and hawkers the low-
low.
small goods. income group
Different items of everyday use
which are branded and of Prices of Big People
Shopping superior quality, food items, goods are businesses belonging to
complex clothes, shoes, electronic items usually owners and the upper and
and all other accessories. high. traders middle class.

3. Explain how a chain of markets is formed. What purpose does it serve?

Ans. A chain of markets is formed in the following ways:
 Goods are first produced in factories with the help of raw materials, labour, electricity,
capital, water etc.
 The wholesalers buy the products in bulk directly from the producers and store them in
godowns.
 Retailers from different parts of the city come to buy goods in smaller quantities from
the wholesalers and sell them to the consumers in the shops.
  The hawkers also purchase these goods either from a wholesaler or a retailer to sell
them in different localities.
A chain is formed from factories to consumers is called a chain of markets or market chain.

Chain of Markets serves the following purposes:

 Producers and wholesalers need not search for the consumers of their goods.
 Producers, wholesalers and retailers get benefits in the Chain of markets.
 Consumers can easily buy goods of their needs in small quantities from the nearby
shops or markets.
4.‘All persons have equal rights to visit any shop in a marketplace’. Do you think this is true of
shops with expensive products? Explain with examples.
Ans. All persons have equal rights to visit any shop in a marketplace. The shopkeepers are
obligated to show the items to all people of any income group. It is all up to the consumers
whether they want to buy the products or not. For example, people of different classes go to
the malls, check different items at different shops but it is not necessary that all of them can
afford those items. Rather, people who belong to low-income group prefer to buy the desired
goods from local markets.
5. ‘Buying and selling can take place without going to a marketplace’. Explain this statement
with the help of examples.
Ans. It is correct that buying and selling can take place without going to a marketplace.
For example, People can purchase goods online through shopping apps like Myntra,
Amazon, Grofers, BigBasket etc.by using different payment options like cards, payment
apps, cash on delivery, etc. One just needs to place the order and it will be delivered to
his/her doorstep. Goods of all types like clothes, shoes, fashion accessories, electrical
appliances, all types of food items, vegetables, books, mobiles, medicines, etc., are
available on the online shopping stores.

Extra Questions.
1. Why are things cheap in the weekly market?
Ans. Things are cheap in the weekly market because
a. Hawkers and vendors in a weekly market are small traders and have temporary shops.
b. Weekly market vendors have not to pay rent, maintenance and electricity bill so they
sell goods in less price.
2. Why is whole sale trader necessary?

Ans. Goods are produced in the factories, on farm and at homes. Consumers are unable to
buy goods from the factory or farm and producers are also not interested in selling in small
quantities. Wholesale is in between of producers and consumer. He first buys goods in large
quantities and then sells them to retailer who finally sells them to the consumer, with the
help of wholesale traders that goods reach to the distance places.