JAC Class 7 Social Science Notes Civics Chapter 7 Markets Around Us

JAC Board Class 7 Social Science Notes Civics Chapter 7 Markets Around Us

→ There are many types of markets that we may visit for our everyday needs: these can include shops, hawker’s stalls in our neighbourhood, a weekly market, a large shopping complex, perhaps even a mall.

→ Weekly Market:

  • The market which is held on a specific day of the week is known as the weekly market.
  • Weekly markets do not have permanent shops. Traders set up shops for the day and then close them up in the evening. Then they may set up at a different place the next day.
  • Many things are available at cheaper rates in weekly markets. The reason is when shops are in permanent buildings, they incur a lot of expenditure, they have to pay rent, electricity, fees to the government, etc. They also have to pay wages to their workers. In weekly markets, these shop owners store the things at home.
  • One of the advantages of weekly markets is that most things you need are available at one place.

JAC Class 7 Social Science Notes Civics Chapter 7 Markets Around Us

→ Shops in the Neighbourhood:

  • We also buy things from other kinds of markets. There are many shops that sell goods and services in our neighbourhoods.
  • Many of these are the permanent shops while others are roadside stalls such as the vegetable hawker, the fruit vendor, the mechanic, etc.
  • Shops in the neighbourhood are useful in many ways. They are near our home and we can go there on any day of the week. Generally, the buyer and seller know each other and these shops also provide goods and things on credit.

→ Shopping Complexes and Malls:

  • There are other markets in the urban area that have many shops, popularly called shopping complexes.
  • These days in many urban areas there are large multi-storeyed air-conditioned buildings with shops on different floors known as malls.
  • In these urban markets, both branded and non-branded goods are found.
  • The companies producing the branded products, sell them through shops in large urban markets and at times through special showrooms as compared to non-branded goods, fewer people can afford to buy branded ones.

→ Chain of Markets:

  • The people who is present in between the producer and the final consumer are the traders. The wholesale trader first buys goods in large quantities.
  • Through these connections of traders that goods reach distant places. The retailer is the trader who finally sells this to the consumer.
  • This could be a trader in a weekly market, a hawker in the neighbourhood or a shop in a shopping complex.
  • A chain of markets is set up. Every city has areas for wholesale markets. This is where goods first reach and are then supplied to other traders. From these traders, the retailers buy and finally the buyers get it.

→ Markets Everywhere:

  • Buying and selling takes place in different ways, not through shops in the market only. People use phones and internet to place orders and get the things at their home.
  • There are markets that we are not so aware of because a large number of goods are bought and sold that we don’t use directly.
  • Generally, we don’t see all the buying and selling processes but only the final product.

JAC Class 7 Social Science Notes Civics Chapter 7 Markets Around Us

→ Markets and Equality:

  • We can be buyers or sellers in these different markets which depends among other things and on the money that we have.
  • The weekly market trader earns very less compared to the profit of a shop owner in a shopping complex.
  • When things are sold, it encourages production and new opportunities are created for people to earn. Hence, there is inequality in the market.

JAC Class 7 Social Science Notes