Class 7 Economics – Chapter 2
MARKETS AROUND US
NCERT Textbook Questions & Answers
Q1. Why do people go to a weekly market?
Answer:
People go to a weekly market because they can buy many things at one place.
Goods like vegetables, fruits, clothes and household items are available at low prices.
Weekly markets are cheaper because shopkeepers do not have to pay rent.
These markets are useful for common people.
Q2. Who are the sellers in a weekly market? Why don’t they have permanent shops?
Answer:
The sellers in a weekly market are small traders and hawkers.
They do not have permanent shops because they cannot afford high rent.
They move from one place to another to sell their goods.
This helps them reduce costs and sell goods at lower prices.
Q3. Explain how a chain of markets works.
Answer:
A chain of markets shows how goods move from producers to consumers.
First, producers make goods like crops or clothes.
These goods are sold to wholesalers.
Wholesalers sell them to retailers.
Retailers finally sell goods to consumers.
Each person in the chain earns some profit.
Q4. Why are goods sold in neighbourhood shops more expensive than in weekly markets?
Answer:
Neighbourhood shops are permanent shops.
Shopkeepers have to pay rent, electricity bills and wages.
They also keep goods for a long time.
Due to these extra costs, goods sold in neighbourhood shops are more expensive than in weekly markets.
Q5. What advantages do shops in the neighbourhood have over weekly markets?
Answer:
Neighbourhood shops are located near people’s homes.
They are open every day.
Shopkeepers often give goods on credit.
They provide convenience and save time.
These shops are useful for daily needs.
Q6. How do online markets work? Write two advantages.
Answer:
Online markets work through the internet using mobile phones or computers.
People order goods online and get them delivered at home.
Two advantages of online markets are:
1) Home delivery of goods.
2) Easy comparison of prices and products.
Q7. How do markets depend on each other?
Answer:
Markets depend on each other through the chain of markets.
Producers depend on wholesalers to sell goods in bulk.
Wholesalers depend on retailers to reach consumers.
Retailers depend on producers for supply of goods.
Thus, all markets are connected.
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Class 7 Economics • NCERT • Exam Ready
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