Class 7 Politics | Markets Around Us | Expected Questions

Here are expected questions from politics chapter 7 Markets Around Us.

1. What is a weekly market?

A weekly market is a special kind of market which is held on a specific day of the week. There are no permanent shops in a weekly market. Traders will set up their shops in the morning and close them by evening. The next day they will put up their stall in another place.

2. Why do people visit weekly markets?

Weekly markets usually sell goods at cheaper rates. Another advantage of buying from these markets is that most things we need are available at one place.

3. How can weekly markets sell goods at cheaper rates?

Weekly markets can sell goods at cheaper rates because they do not incur many overhead expenses that permanent stores incur. For example, shops in a weekly market do not have to pay rent, tax or electricity bills. Also, most people who trade in weekly markets do not hire people. They are usually helped by their family members. Another factor that forces them to sell goods at cheaper rates is the competition between them. In a weekly market, there are many stalls that sell the same products.

4. Why are goods sold in permanent shops costlier than those sold in the weekly markets?

Goods sold in the permanent shops are costlier because they have a lot of overhead expenses such as rents, taxes and electricity bills. These shops usually employ people and have to pay them wages. Hence, goods sold in permanent stores are more expensive.

5. What are the advantages of buying from neighbourhood stores?

People can buy things from neighbourhood stores on any day of the week. Also, in most cases, the buyer and the seller are known to each other. These shops also provide goods on credit. That means people can buy now and pay later.

6. Who are traders?

Traders are the people in between producers and end consumers.

7. Why is a wholesale trader necessary?

Goods are produced in factories, or on farms or in homes. However, these factories or farms are not interested in selling small quantities of their goods to consumers. Instead, they sell their goods in huge quantities to wholesalers. These wholesalers then sell these goods in smaller quantities to other traders called retailers. It is through these links of traders that goods reach faraway places.

8. Who is the retailer?

The retailer is the trader who sells the products to the end user. The retailer buys goods from wholesalers and then sell them to final user. A retailer could be a small store, a trader in a weekly market, a hawker or a permanent shop.

9. One does not have to go to the market to purchase. Explain.

You can place orders for goods through the phone and the internet and the ordered items will be delivered to our doorstep. Sometimes, salespersons will go from door to door selling their products. Thus, one does not have to go to a market to buy.