DAV Class 7 SST Chapter 23 Notes – Markets Around Us

These DAV Class 7 SST Notes and DAV Class 7 SST Chapter 23 Notes – Markets Around Us hold significant importance as study material for students.

Markets Around Us Class 7 DAV Notes

→ We all require the services of a market, a place having shops, selling goods and services.

→ There are two main types of markets – wholesale markets and retail markets. A buyer has to buy in bulk from a wholesale market at a lower price.

→ The retailer sells the goods in smaller quantities or numbers but at a higher price as he buys from the wholesaler and adds the cost of transportation, investment of money, etc.

→ The price of goods in a market is determined by the factors like demand by the buyers/ consumers, supply by the farmers/manufactures, etc.

→ When the price of a thing rises, the supply also rises. When the price goes down, the supply also goes down.

DAV Class 7 SST Chapter 23 Notes - Markets Around Us

→ Indian market has come a long way. After Independence, our policies were aimed at reviving our traditional crafts, setting up of and safeguarding Indian Industries.

→ India is exporting garments all over the world. Our fashion industry is also attracting buyers by holding fashion shows in India and abroad.

→ There are also weekly markets in cities and towns. These markets are held at different places -on different days of a week.

→ People go to weekly markets as most things of daily use are available at one place. They can also bargain there.

→ Shops in the neighbourhood are useful in many ways. They are near our home and we can go there on any day of a week.

→ There are other markets in the urban area that have many shops, known as shopping complexes. There are also multi-storeyed air conditioned buildings with shops on different floors, known as malls. In these urban markets, both branded and non-branded goods are available.

→ The shop owners in a weekly market and those in a shopping trader with a little money to run the shop whereas the other is able to spend a lot of money to set up the shop. They also earn unequal amounts.

→ Similarly, there are differences in the buying power of customers. One buyer may be able to afford only cheap goods from a weekly market whereas another one may be able in purchasing branded items from a shopping complex.

→ The goods are brought to the customer after passing through a chain of markets. This chain helps in supplying goods produced in different areas, to reach the customers everywhere.

→ Markets create economic inequality, which refers to inequality of economic assets and incomes among individuals and group within a society.

→ Our government has taken many steps to protect the interests of the people. The government has fixed minimum wages so that the workers are able to fulfil their basic needs.

→ The government also provides electricity, irrigational facilities, technical assistance, loan and insurance facilities at subsidised rates.

→ Market : A place where buyers and sellers engage in the activity of sale and purchase of goods.

→ Wholesale : Buying and selling in bulk.

DAV Class 7 SST Chapter 23 Notes - Markets Around Us

→ Chain of markets : A series of markets that are connected like links in a chain because products pass from one market to another.

→ Demand : The demand for a good is defined as an amount of commodity for which people are willing to pay and buy.

→ Supply : Supply of a goods is the quantity that the suppliers are willing to put in the market.

→ Customer: One who buys something.

→ Employment: Work which enable a person to earn a living.

→ Exploitation : To treat others in a manner to get maximum benefit for oneself.

→ Exporter : A person who sells goods to other countries.

→ Wages : Payment in lieu of work done on daily, weekly or monthly basis.