07. Markets Around Us – Class 7 Civics Chapter 7 for CBSE and UPSC

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Welcome to Markets Around Us – Class 7 Civics Chapter 7 for CBSE and UPSC.

Chapter 7: Markets Around Us Class 7

Introduction

Markets play a fundamental role in our daily lives as they facilitate the exchange of goods and services.
Various types of markets cater to different needs, offering a diverse range of products to consumers.

Types of Markets

Weekly Markets

These markets are a vital part of local economies, typically held on specific days of the week, and characterized by temporary stalls.
Shoppers frequent these markets for a wide array of goods, including vegetables, clothing, utensils, and more.
Competitive pricing is a hallmark of weekly markets, as multiple sellers vie for customers’ attention.
Shoppers appreciate the convenience of finding various items in one place, making it a one-stop shopping experience.

Shops in the Neighborhood

Neighborhood shops are permanent fixtures in local areas, serving as reliable sources for everyday necessities.
These shops often offer credit facilities, allowing customers to make purchases and settle payments later.
The close-knit relationship between buyers and sellers in neighborhood shops fosters trust and personalized service.
Examples of such shops include grocery stores, dairy outlets, stationery stores, and more.

Shopping Complexes and Malls

Shopping complexes and malls are large, multi-storeyed buildings that house an extensive range of shops, both branded and non-branded.
Shoppers can explore various sections, such as food courts, home appliances, footwear, bookstores, and more.
Branded goods are prominently featured in these markets, often accompanied by extensive advertising and claims of superior quality.
For many consumers, shopping in complexes and malls offers a different experience compared to other types of markets.
The prices of branded goods here are usually higher due to their premium status and marketing strategies.
An example of a shopping complex mentioned in the text is Anzal Mall.

Chain of Markets

The concept of the “chain of markets” illustrates the journey of goods from producers to consumers through various market participants.
This journey involves producers, wholesale traders, retailers, and, finally, consumers.
Understanding the chain of markets helps explain how goods move from factories, farms, and homes to reach the hands of consumers.
This process ensures that products are efficiently distributed to meet consumer demand.

Markets Everywhere

In today’s digital age, buying and selling extend beyond physical marketplaces.
The rise of technology and e-commerce enables consumers to place orders and make purchases without the need to visit a physical market.
Online shopping, conducted via the Internet and mobile apps, has revolutionized the way consumers acquire goods.
Sales representatives are often seen in clinics and nursing homes, promoting and selling medical products.
These representatives play a role in the marketing and distribution of goods beyond traditional markets.

Markets and Equality

The text highlights disparities in opportunities and earnings among individuals engaged in different types of markets.
Small traders operating in weekly markets often have limited financial resources and earn modest profits compared to those in shopping complexes.
This disparity in earnings and buying power reflects the unequal distribution of wealth and opportunities in various markets.
The chain of markets, while promoting production and trade, does not guarantee equal access or benefits for all participants.
Addressing these inequalities requires a broader perspective on equitable distribution and access to markets.

Sustainable Development Goal (SDG)

Sustainable Development Goals (SDGs) are a set of global initiatives aimed at promoting sustainable development worldwide.
Markets play a significant role in achieving these goals by influencing production, distribution, and consumption patterns.
SDGs emphasize the importance of addressing economic disparities and promoting environmental sustainability.

Keywords with Definitions

Important Definitions for Markets Around Us – Class 7 Civics Chapter 7 for CBSE and UPSC.

Weekly Markets: Markets held on specific days of the week with temporary stalls, offering a variety of goods.
Shops in the Neighborhood: Permanent shops in local areas that provide credit facilities and personal relationships between buyers and sellers.
Shopping Complexes and Malls: Large multi-storeyed buildings with diverse shops, offering both branded and non-branded goods.
Chain of Markets: A series of markets through which goods pass from producers to consumers, involving producers, wholesale traders, retailers, and consumers.
Sustainable Development Goal (SDG): A global initiative aimed at promoting sustainable development worldwide.

FAQs (Frequently Asked Questions)

Important Questions for Markets Around Us Class 7 Civics Chapter 7 for CBSE and UPSC.

1. What are weekly markets, and why are they popular?

Weekly markets are vibrant local markets held on specific days of the week, featuring temporary stalls and offering a diverse range of products. They are popular because they provide convenience and competitive pricing, making them attractive for shoppers seeking a variety of items in one place.

2. How do shops in the neighborhood benefit both buyers and sellers?

Neighborhood shops, characterized by their permanence and proximity to residents, offer benefits such as credit facilities and personalized service. Buyers can establish trust with sellers, and the convenience of nearby shopping enhances the shopping experience.

3. Which type of market offers both branded and non-branded goods?

Shopping complexes and malls are known for housing a wide array of shops, including both branded and non-branded goods. Shoppers can explore various sections within these complexes, enjoying a variety of options.

4. What does the “chain of markets” represent?

The “chain of markets” represents the journey of goods from producers to consumers through various market participants, including producers, wholesale traders, retailers, and, finally, consumers. It illustrates how goods are efficiently distributed to meet consumer demand.

5. Why might branded goods be more expensive in shopping complexes?

Branded goods in shopping complexes are often associated with premium quality and extensive advertising, which can lead to higher prices compared to non-branded alternatives.

6. How has technology impacted modern markets?

Technology, particularly e-commerce, has expanded the ways in which buying and selling take place. Online shopping via the Internet and mobile apps has revolutionized the shopping experience, allowing consumers to make purchases without visiting physical marketplaces.

7. What is the purpose of Sustainable Development Goals (SDGs) mentioned in the text?

Sustainable Development Goals (SDGs) are a set of global initiatives aimed at promoting sustainable development worldwide. Markets play a crucial role in achieving these goals by influencing production, distribution, and consumption patterns, while also addressing economic disparities and promoting environmental sustainability.

8. Which market is characterized by temporary stalls and competitive pricing?

Weekly markets are characterized by temporary stalls and competitive pricing, making them popular destinations for shoppers seeking a wide range of products.

9. What type of markets offer both branded and non-branded goods?

Shopping complexes and malls offer both branded and non-branded goods, giving consumers a choice between premium and non-premium products..

Multiple Choice Questions (MCQs)

1. What are weekly markets known for?

a) Permanent shops and high prices.
b) Competitive pricing and temporary stalls.
c) Branded goods and extensive advertising.
d) Exclusive access and personalized service.
Answer: b) Competitive pricing and temporary stalls.

2. Which type of market offers both branded and non-branded goods?

a) Wholesale markets
b) Weekly markets
c) Shopping complexes and malls
d) Shops in the neighborhood
Answer: c) Shopping complexes and malls.

3. What is the purpose of Sustainable Development Goals (SDGs) mentioned in the text?

a) To limit the growth of markets.
b) To encourage fair pricing in markets.
c) To promote sustainable development worldwide.
d) To promote unsustainable development.
Answer: c) To promote sustainable development worldwide.

4. Why do some people prefer shopping in shopping complexes despite higher prices?

a) Limited product variety
b) Lower quality of goods
c) Branded goods and premium shopping experience
d) Lack of competitive pricing
Answer: c) Branded goods and premium shopping experience.

5. What do weekly markets and shopping complexes have in common?

a) Competitive pricing
b) Temporary stalls
c) Extensive advertising
d) Branded goods
Answer: a) Competitive pricing.

6. Which type of market is characterized by permanent shops in local areas?

a) Wholesale markets
b) Weekly markets
c) Shops in the neighborhood
d) Shopping complexes and malls
Answer: c) Shops in the neighborhood.

7. What is the primary role of wholesale traders in the chain of markets?

a) Selling goods to consumers
b) Providing credit facilities
c) Purchasing goods in large quantities
d) Offering personalized service
Answer: c) Purchasing goods in large quantities.

8. What does the “chain of markets” represent in the context of goods distribution?

a) The variety of goods available in shopping complexes.
b) The distribution of goods in neighborhood shops.
c) The journey of goods from producers to consumers through various market participants.
d) The process of online shopping.
Answer: c) The journey of goods from producers to consumers through various market participants.

9. Why might consumers choose to shop online rather than visit physical marketplaces?

a) Limited product availability
b) Competitive pricing
c) Personalized service
d) Convenience and the ability to place orders remotely
Answer: d) Convenience and the ability to place orders remotely.

This was the end of Markets Around Us Class 7 Civics Chapter 7 for CBSE and UPSC.

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