CH-7

MARKETS AROUND US

TEXTUAL QUESTION/ANSWERS
 Q1. In what ways is a hawker different from shop owner?
HAWKER
1. A hawker is a trader, a person who
travels about selling goods, by shouting on
the roadside.
2. Either they move with their goods on
carts or on their heads.
3. He does not spend money on a shop.
4. He sells his goods at a cheap rate.
5. Goods are not generally packed or
branded.
6. No receipt can be obtained.
SHOP OWNER
1. A shop owner is a trader who runs his shop at
one fixed place. Whenever we need anything we
go there and purchase it.
2. He has a permanent place from where he sells
his product.
3. He has to spend money either on rent,
electricity, wage to the workers, taxes or on
advertisement.
4. If branded goods are sold then they are
expensive, if non branded then they are cheap.
5. Goods are packed.
6. We get receipt when we buy from shops.
Q2. Compare and contrast a weekly market and a shopping complex.
Weekly Market
1. They have temporary shops. It is held
on the specific day of the week.
2. They do not have to spend much on the 2. They incur lot of expenditure so their
shops so their products are cheap.
3. They do not hire godowns, store their
goods at home.
4. They are helped by their family
members so do not hire workers.
5. Non branded goods are sold.
6. Small traders are found here.
7. Bargaining is possible.
8. Earn less profit.
9. Buyers may be poor.
10. Most things we need are available at
one place.
Shopping Complex
1. They have permanent shops and we can
access them on all days of the week.
products are expensive.
3. They keep their extra product in godowns.
4. They hire workers and then pay wages to
them.
5. Branded or non branded both types of
goods are sold here.
6. Big traders are found.
7. Prices are fixed.
8. Earn more profit.
9. Buyers can buy branded goods.
10. We need to go different areas to buy
different things.
Q3. Explain how a chain of markets is formed. What purpose does it serve?
1. Goods are produced in factories, on farms and In homes.
2. We don’t buy directly from the factory or from the farm. Nor would the producers be
interested in selling us small quantities.
3. The people in between the producer and the final
consumer are the traders.
4. The wholesale trader first buys goods in large quantities. These will then be sold to other
traders.
5. In these markets, buying and selling takes place
between traders.
6. It is through these links of traders that goods reach faraway places.
7. The trader who finally sells this to the consumer, is the retailer. This
could be a trader in a weekly market, a hawker in
the neighbourhood or a shop in a shopping complex.
Purpose- 1. It maintains flow of money. 2. It is through this chain that what is produced in one
place reaches people everywhere. 3. When things are sold, it encourages production and new
opportunities are created for people to earn.
4. It promotes co-ordination in the society.
Q4. ‘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. Yes, it is applied to all the shops with expensive items. Even if the consumer
cannot afford to buy them, the shopkeeper is still obligated to show the items up for
display. The shopkeeper under no circumstances, may force the consumer to buy the
item presented. That decision is solely left to the discretion of the consumer.
An example of this can be given below:
Sujata and Kavita went to Ansal Mall for a casual visit. While exploring their way
through the mall, they enter a shop which is selling branded clothes. Although they
marvel at the quality of the clothes, the outlandish price tags on them made them
move away to a different shop selling the same type of clothes at a reasonable price.
Q5. ‘Buying and selling can take place without going to a marketplace’. Explain this
statement with the help of examples.

Ans. The age of the internet has opened the door to new opportunities. Now one does not
need a physical marketplace to buy and sell goods. They can now be purchased online
through cards and payment apps. One can just place the order through phone or
internet and it will be delivered to their doorsteps. It applies to even local kirana stores,
where with the help of a web or mobile app, one can place orders for groceries and it
will be delivered to them.
For example, in clinics and nursing homes, you may have noticed sales representatives
from medical companies waiting for the doctor to arrive. Such people are also engaged
in the selling of goods. Thus, buying and selling takes place in different ways and does
not require the physical presence of a shop.
Worksheet Question/Answers
1. Explain the terms:

Weekly market: These markets are not daily markets but are to be found at a
particular place on one or maybe two days of the week. These markets most often
sell everything that a household needs ranging from vegetables to clothes to
utensils.

Mall: This is an enclosed shopping space. This is usually a large building with
many floors that has shops, restaurants and, at times, even a cinema theatre. These
shops most often sell branded products.

Wholesale: This refers to buying and selling in large quantities. Most products,
including vegetables, fruits and flowers have special wholesale markets.

Chain of markets: A series of markets that are connected like links in a chain
because products pass from one market to another.
2. Answer in short:
a. Why is there a competition among the shops in the weekly market?
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.

b. How are shops in the neighbourhood useful?

Shops in the neighbourhood are useful in many ways. 1.They are near our home and we can go
there on any day of the week. 2. Usually, the buyer and seller know each other and these shops also
provide goods on credit. This means that you can pay for the purchases later. 3. They provide
variety of goods of our daily needs. 4. They do home delivery also. 5. Provide us offers as we are
their regular customers.

c. Who is a retailer?
The trader who finally sells product to the consumer, is the retailer.

d. Mention any three kinds of marketplaces.

Weekly market, neighbourhood market, shopping complexes and malls.

e. ‘As compared to non-branded goods, fewer people can afford to buy branded goods’. Explain.
Branded goods are expensive, often promoted by advertising and claims of better quality. The companies
producing these products sell them through shops in large urban markets and, at times, through special
showrooms.
3. Answer in brief:

a. Why are things cheap in the weekly market?

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.

b. What is the job of a wholesale trader?

The wholesale trader first buys goods in large quantities. For example, the vegetable
wholesale trader will not buy a few kilos of vegetables, but will buy in large lots of 25 to
100 kilos. These will then be sold to other traders. In these markets, buying and selling
takes place between traders. It is through these links of traders that goods reach faraway
places.

c. Describe briefly the concept of ‘markets everywhere’.

OR
Textual Q5. ‘Buying and selling can take place without going to a marketplace’.
Explain this statement with the help of examples.
4. Answer in detail:

a. Do you see equality in the market? If not, why? Explain with examples.
1. We have looked at shop owners in a weekly market and those in a shopping complex. They are
very different people.
2. One is a small trader with little money to run the shop whereas the other is able to spend a lot of
money to set up the shop.
3. They also earn unequal amounts. The weekly market trader earns little compared to the profit of
a regular shop owner in a shopping complex.
4. Similarly, buyers are differently placed. There are many who are not able to afford the cheapest
of goods while others are busy shopping in malls.
5. Thus, whether we can be buyers or sellers in these different markets depends, among other
things, on the money that we have.

b. ‘There are markets that we may not be so aware of’. Explain giving examples.
1. Large number of goods are bought and sold that we don’t use directly.
2. For example, a farmer uses fertilisers to grow crops that he purchases from special shops in the
city and they, in turn get them from factories.
3. A car factory purchases engine, gears, petrol tanks, axles, wheels, etc. from various other
factories. We don’t usually see all the buying and selling, but only the final product – the car in the
showroom. The story is similar for any other good.
 Extra Questions

Q1. Why do people go to weekly market?

Ans. 1. People go to weekly markets for their everyday requirements.
2. Many things available in weekly markets are cheap.
3. Most things we need are available at one place.People prefer going
to a market where they have a choice and variety of goods.
*THANK YOU*