Notes of Chapter 7 Markets Around Us Class 7th Civics
What are Markets?
• A market is a place purchaser and vender is associated with the deal and buy of merchandise. It built up a connection between the maker and the buyer.
Weekly market
• A weekly market is held on a specific day of the week.
• Many things in weekly markets are available at cheaper rates because they do not have permanent buildings, so that they do not have to pay rent, electricity bills, fees to the government and so on additional expenses.
• Weekly markets also have a large number of shops selling the same goods which means there is competition among them.
Shops in the Neighbourhood
• Many of these are permanent shops, while others are roadside stalls such as that of the vegetable hawker, the fruit vendor, the mechanic, etc.
• These shops are very helpful as they are close to our home and we can go there on anytime.
• Usually, the buyer and seller know each other and these shops also provide goods on credit.
Shopping complexes and malls
• There are other markets in the urban area that have many shops, popularly called shopping complexes.
• In these urban markets, you get both branded and non-branded goods.
Chain of markets
• We don’t buy directly from the factory or from the farm.
Traders
• The people in between the producer and the final consumer are the traders.
• The wholesale trader first buys goods in large quantities.
• In these markets, buying and selling takes place between traders.
• It is through these links of traders that goods reach faraway places.
• The trader who finally sells this to the consumer, is the retailer.
Markets everywhere
• All these markets are in a specific locality and work in a particular manner and time.
• These days one can place orders for a variety of things through the phone and these days through the Internet, and the goods are delivered at your home.
• In clinics and nursing homes, sales representatives wait for the doctors. Such persons are also engaged in the selling of goods.
• Thus, buying and selling takes place in different ways, not necessarily through shops in the market.
Markets and equality
• Shop owners in a weekly market and those in a shopping complex are very different people.
• The weekly market trader earns little compared to the profit of a regular shop owner in a shopping complex.