Understanding Markets Class 7 Extra Questions and Answers SST Chapter 12

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Understanding Markets Class 7 Extra Question Answer

Extra Questions of Understanding Markets Class 7

Understanding Markets Class 7 Very Short Question Answer

Question 1.
Adam Smith was an economist of which century?
Answer:
18th-century economist

Question 2.
What types of economic activities provide us with goods?
Answer:
Primary, Secondary, and Tertiary

Question 3.
What is a market?
Answer:
A market is a place where buyers and sellers meet and exchange goods or services.

Question 4.
What do we call the price at which goods are finally sold?
Answer:
Selling price.

Question 5.
Define a wholesale market.
Answer:
A market where goods are sold in bulk.

Question 6.
What is the name of a famous textile market in India?
Answer:
Surat textile market.

Question 7.
Who said, Hampi “the best-provided city in the world”?
Answer:
Domingos Paes, the famous Portuguese traveller.

Question 8.
Define the retail market.
Answer:
A market where goods are sold in small quantities to consumers.

Question 9.
Who was Fernao Nuniz?
Answer:
A Portuguese traveller

Question 10.
Which is an important feature in completing a transaction?
Answer:
Price

Question 11.
What type of market is Amazon?
Answer:
Online market.

Question 12.
Who helps in transporting goods from producers to retailers?
Answer:
Distributors.

Question 13.
What does the AGMARK label ensure?
Answer:
Quality of agricultural products.

Question 14.
What does ISI stand for?
Answer:
Indian Standards Institution.

Question 15.
What is the role of government in markets?
Answer:
To protect consumers and ensure fair trade.

Question 16.
Which market is managed entirely by women in Manipur?
Answer:
Ima Keithal market.

Question 17.
What is the full form of FSSAI?
Answer:
Food Safety and Standards Authority of India.

Question 18.
What do sellers want from buyers in a market?
Answer:
Profit.

Question 19.
What do buyers want from sellers in a market?
Answer:
Fair price and good quality.

Question 20.
What do you mean by demand?
Answer:
Demand means the desire of buyers to purchase goods or services.

Question 21.
What does India import from North America?
Answer:
Aircraft and Components

Question 22.
What does India import from South America?
Answer:
Mineral ores like copper

Question 23.
What does India import from Africa?
Answer:
Diamonds

Question 24.
What does India import from Europe?
Answer:
Electrical equipment

Question 25.
What does India import from West Asia?
Answer:
Crude petroleum, fertilizers

Question 26.
What does India import from South East Asia?
Answer:
Vegetable oils

Question 27.
What is the function of a price in the market?
Answer:
The function of a price is to balance demand and supply.

Question 28.
Which 16th-century market was located near the Virupaksha temple?
Answer:
Hampi Bazaar.

Question 29.
What is manasrava as per Kautilya’s Arthashastra?
Answer:
It is an extra quantity given to compensate for sticking goods like ghee.

Question 30.
According to 2024, India is the largest producer of which thing in the world?
Answer:
Vegetable oils like palm oil, sunflower oil, and soybean oil

Question 31.
What does a BEE Star rating on an appliance indicate?
Answer:
Energy efficiency.

Question 32.
Who controls and fixes minimum support prices in India?
Answer:
The Government.

Question 33.
What does India export to West Asia?
Answer:
Refined petroleum products

Question 34.
What does India export to Europe?
Answer:
Engineering goods like machinery in food processing, boilers

Question 35.
What does India export to Africa?
Answer:
Pharmaceuticals

Question 36.
What does India export to South America?
Answer:
Chemical products

Question 37.
What does India export to North America?
Answer:
Outsource services like software

Question 38.
Where is Glorious Hampi Bazar located?
Answer:
Karnataka

Question 39.
Where is Jamnagar located?
Answer:
Gujarat

Question 40.
Where is the Meitei language used?
Answer:
In Manipur.

Understanding Markets Class 7 Short Question Answer

Question 1.
What is a market and why is it important in our daily life?
Answer:
Market: A place where people buy and sell goods is called a Market. It is also known as bazaar, haat in Hindi, and marukatte in Kannada.
Why A Market is Important :

• Because they fulfil the needs of the people for goods and services.
• Because they connect the people, traditions, and ideas.

In brief, in the absence of a market, it would be very difficult to get the things that are needed by daily routine.

Question 2.
Describe the common features of any market.
Answer:
The common features of any market are as follows :

• A place for buying and selling goods and services.
• A place for fulfilling the people’s needs and wants.
• A place where people connect their traditions and ideas.
• A place where negotiations, transactions, and interactions take place.

Question 3.
Write in brief the historical importance of the Hampi Bazaar.
Answer:
The historical significances of the Hampi Bazar are as follows :

• This Bazaar was located in Karnataka and it was one of the prosperous markets in the Vijayanagara Empire.
• This Bazaar was located near the Virupaksha temple and was famous for selling valuables like grains, silk, jewels, animals, and more.
• This Bazaar was the attraction point for traders from distant places.

Question 4.
What is the difference between physical and online markets?
Answer:
The differences between physical and online markets are given below:

Physical Markets	Online Markets
1. Buyers and sellers meet face to face.	1. Buyers and Sellers do not meet face-to- face but use websites and apps to connect
2. Bargaining is possible	2. Bargaining is not possible.
3. Example: weekly haats, local shops, etc.	3. Example: Amazon, Flipkart, etc.

Question 5.
Differentiate between domestic and international markets.
Answer:
Differentiate between domestic and international markets are as follows:

Domestic Markets	International Markets
1. Trade takes place within a country.	1. Trade takes place outside a country.
2. Goods and services produced and sold locally.	2. Goods and services produced in a country and sold to other countries.
3. Example: Grains produced by farmers sold locally.	3. Software and chemicals are sold outside the country.

Question 6.
What are wholesale and retail markets?
Answer:
Wholesale markets :

• The markets where goods are bought and sold in large quantities are called wholesale markets.
• For example: Mandis of grains, spices, and electronics.

Retail Markets :

The markets where goods are supplied to the final consumer for personal or household use are called Retail markets.
For example: Local shops or supermarkets

Question 7.
How does the Surat textile market function?
Answer:
The Surat textile market functions in the following manners :

• For raw materials, It depends upon Maharashtra as well as from other parts of Gujarat.
• These raw materials are weaved on power looms.
• When these are weaved, the next stage comes dying.
• Then the product is sent for finished products.
• These finished products are sarees or ready-made garments.

Question 8.
What social and cultural roles do markets play?
Answer:
Markets are popular only for economic activities in a narrow sense but these also play important roles to promote the social and cultural aspects. They bring the people close as buyers and sellers. Their closeness as a customer and sellers shows great social bonding and develops trust in each other.
Ima Keithal is a place in Manipur where women sell vegetables, clothes, and crafts. They maintain and keep their traditions alive.
Such kinds of markets are good for building a good relationship among the members of a community, sharing culture, and supporting small artisans.

Question 9.
How does the government control prices in markets?
Answer:
The government controls prices in markets in the following manners :

• Setting a fixed price for essential commodities is called a price ceiling.
• By giving MSP on the agricultural produce.
• By giving subsidies to farmers on fertilisers and LPG
• By controlling black marketing and hoarding goods.

Question 10.
What steps does the government take to ensure product quality?
Answer:
The government and its authorities like FSSAI, ISI take suitable steps to ensure product quality such as :

• They certify the standard of the goods or product quality through the ISI mark, FSSAI symbol, etc.
• They regulate drug safety, food hygiene, and measurement practices.
• They tested the Products and ensured the safety of the products.
• They banned the products if the products are faulty.

Understanding Markets Class 7 Long Question Answer

Question 1.
What is a market? Describe the different types of markets with examples.
Answer:
A Market: A place where people buy and sell goods is called a market. It is also known as bazaar, haat in Hindi, and marukatte in Kannada.
Different types of markets include:
BASED ON LOCATION
Physical Markets:

• Buyers and Sellers meet face-to-face.
• For example: Weekly Haats, Street Vendors, Shops, etc.

Online Markets:

• Websites and apps are used to purchase goods and services.
• For example: Amazon or Flipkart.

BASED ON VOLUME

Wholesale Markets:

• Goods are bought and sold in large quantities.
• For example: A grain mandi

Retail Markets:

• Goods are sold in small quantities directly to consumers.
• For example: A supermarket BASED ON REACH

Domestic Markets:

• Goods and services are traded within the country.
• For example: Paper company, handlooms, etc.

International Markets:

• Goods are exported or imported across countries.
• For example: India exports Chemical products to South America.

Question 2.
Describe the role of the government in markets.
Answer:
The roles of the government in the markets are as follows:
Controlling Prices:

• The government fixes maximum prices for essential goods like medicines so they are affordable.
• It also sets minimum prices for crops like wheat, so that farmers don’t face losses.
• It ensures minimum wages so workers are paid fairly.

Ensuring Quality and Safety:

• Products must pass safety tests.
• There are rules for proper weights and measurements.
• The government gives quality marks like ISI, AGMARK, and FSSAI.

Controlling Pollution and Harmful Effects:

• The government bans harmful goods like plástic.

Providing Public Goods:

• The roads and parks are constructed for public use by the government.

Question 3.
Explain the functioning of the Surat textile market.
Answer:
The functioning of the Surat textile market are:

Collection of Raw materials as inputs:

• Raw Cotton is received through cotton mandis from nearby states like Maharashtra as well as other parts of Gujarat.
• This is the first and primary function of the Surat textile market.

Production Process:

• Cotton is woven into fabric.
• It is dyed and made into clothes like sarees, dress material, or ready-made garments.

Distributions:

• The factories sell the goods to the wholesalers in Mandi.
• Wholesalers buy in bulk from factories, then to retails and finally to consumers.
• Exports to another country because of its good connectivity with ports.

Understanding Markets Class 7 Case Based Questions

1. Read the following passage carefully and answer the questions that follow:

The Surat textile market consists of thousands of factories manufacturing cotton and synthetic textiles. In the case of cotton textiles, raw cotton is received here through cotton mandis from nearby states like Maharashtra, as well as from other parts of Gujarat. It is transformed into finished fabric or garments after processing at various stages-weaving on power looms, dyeing in processing units and so on. The product moves from one stage to another through markets – for woven fabric, for dyed fabric, and for finished products (sarees, or ready-made garments, for example).

(i) Name the state that provides the raw materials to the thousands of factories manufacturing cotton and synthetic textiles.
a) Gujarat
b) Maharashtra
c) Only Gujarat and its regions
d) All of these
Answer:
b) Maharashtra

(ii) Select the process/ processes that transform raw material into garments.
a) Only weaving
b) Only dying
c) Both weaving and dying
d) None of these
Answer:
c) Both weaving and dying

(iii) In which state is the Surat textile market located?
a) Maharashtra
b) Gujarat
c) Andhra Pradesh
d) Karnataka
Answer:
b) Gujarat

Picture Based Questions

In the image, the supply of raw cotton has been shown. By observing the image try to give the answers to the following questions:

(i) Name the state where the Adilabad city is located.
a) Gujarat
b) Telangana
c) Maharashtra
d) Madhya Pradesh
Answer:
b) Telangana

(ii) In the image, two arrows indicate Surat city, What do these two arrows indicate?
a) Supply of wool from surrounding cotton clusters to Surat
b) Supply of cotton from surrounding cotton clusters to Surat
c) Supply of Petroleum products
d) None of these
Answer:
b) Supply of cotton from surrounding cotton clusters to Surat

(iii) Select the odd one from the following:
a) Raipur
b) Jamnagar
c) Amravati
d) Nagpur
Answer:
a) Raipur

Map Based Questions:

Question 1.
Locate Hampi on the given map.
Answer:
Hampi in Karnataka- B

Question 2.
Locate a Chennai port city on the given map which is a major wholesale market for electronics, spices, and automobiles. It supports the International markets.
Answer:
Chennai Port City: A

Question 3.
Locate Surat on the given map which is a major textile and diamond trade hub.
Answer:
Surat, Gujarat: C

Class 7 Understanding Markets Extra Questions for Practice

Very Short Answer Type Questions:

Question 1.
Define wholesale market.

Question 2.
Define the retail market.

Question 3.
Which is an important feature in completing a transaction?

Short Answer Type Questions:

Question 1.
How does the Surat textile market function?

Question 2.
How does the government control prices in markets?

Long Answer Type Questions:

Question 1.
Explain how online markets function. How are they different from physical markets?

Passage Based Questions:

Mother’s Market, Ima Keithal in the Meitei language of Manipur, is a unique market in Imphal. About 3000 women own and run all the shops in this market. They sell vegetables, clothes including traditional Manipuri attire, hand-loom and handicrafts, local produce, and daily essentials that people in the city and the surrounding areas require. On one hand, the market provides employment, becoming an important source of income for thousands of families; on the other hand, the market is a melting pot of cultures. People from different communities come together to exchange ideas and enjoy shared traditions.

Question 1.
Find the meaning of Ima Keithal
(a) Meiti
b) Mother’s market
c) Unique market
d) None of these

Question 2.
Who sells the goods in the markets?
(a) Only women
b) Men and women
c) Small industry
d) Some families

Picture Based Questions:

Question 1.
After looking at the image carefully, name the place of the image.

(a) Meena Bazaar
b) Johari Bazaar
c) Hampi Bazaar
d) None of these

Question 2.
In which state is this bazaar located?
(a) Delhi
b) Mumbai
c) Rajasthan
d) Gujarat

Map Based Questions

Locate and label the following things on the given map of India with appropriate symbols.

Question 1.
Locate the Ima Keithel on the map of India, a unique market in Imphal.

Question 2.
Locate the financial capital ‘Mumbai’ on the map of India.