Class 7 Economics – Chapter 2
MARKETS AROUND US
Detailed Notes (Foundation → Exam Level)

                                          

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1. What is a Market?

A market is a place where buyers and sellers come together to buy and sell goods and services. A market does not always mean a physical place.

• Buying and selling can happen anywhere.
• Markets exist in villages, towns and cities.
• Markets also exist through phone and internet.

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📌 2. Types of Markets

🛒 (a) Weekly Markets

Weekly markets are held once a week. Small traders sell goods like vegetables, clothes and household items.

• Low prices
• No permanent shops
• Used by common people

🏪 (b) Shops in Neighbourhood

These are permanent shops such as grocery shops, medical stores and bakeries.

• Located near homes
• Provide goods on credit
• Useful for daily needs

🏬 (c) Shopping Complexes & Malls

Big markets with many shops selling branded goods.

• High prices
• Comfort and variety
• Used by rich and middle-class people

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📌 3. Markets and Equality

Markets are not equal for everyone. Rich people have more choices, while poor people have limited access to goods.

• Big companies advertise more.
• Small traders face competition.
• Poor people buy cheaper goods.

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📌 4. Chain of Markets

Goods pass through many hands before reaching consumers.

• Producer → Wholesaler → Retailer → Consumer
• Each person earns profit.
• Farmers often get less profit.

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📌 5. Markets Through Internet

Today buying and selling can happen online using mobile phones and computers.

• Online shopping apps
• Home delivery
• Digital payments

However, not everyone has access to internet.

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📌 6. Role of Government in Markets

• Fixes prices of essential goods.
• Protects consumers.
• Controls unfair trade practices.
• Supports small traders.

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✍️ IMPORTANT DEFINITIONS (EXAM READY)

Market: A place or system where buying and selling take place.

Weekly Market: A market held once a week.

Chain of Markets: A system through which goods move from producer to consumer.

Retailer: A seller who sells goods directly to consumers.

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✍️ 5-MARK ANSWER STRUCTURE

Question: What are weekly markets? Write two features.

Answer:
Weekly markets are held once a week. Small traders sell goods like vegetables, fruits and clothes. Prices are low because there is no shop rent. These markets are useful for common people. They provide a variety of goods in one place.

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🎯 EXAM TIP:
Always mention examples + features + keywords → Full marks guaranteed.

Prepared by Shaktimatha Learning 🌟
Class 7 Economics • NCERT • Exam Ready