DAV Class 7 SST Chapter 23 Question Answer – Markets Around Us

These DAV Class 7 SST Solutions and DAV Class 7 SST Chapter 23 Question Answer – Markets Around Us are thoughtfully prepared by experienced teachers.

DAV Class 7 SST Ch 23 Question Answer – Markets Around Us

DAV Class 7 SST Ch 23 Solutions – Markets Around Us

Something To Know

A. Tick (✓) the correct option.

Question 1.
Where do most people prefer to go to fulfil their day to day requirements?
(a) phadi market
(b) a popular store
(c) a mall
(d) a neighbourhood market
Answer:
(a) phadi market

Question 2.
A democratic government is com¬mitted to protect the interests of
(a) the minorities
(b) women and children
(c) SCs, STs and OBCs
(d) all sections of the society
Answer:
(d) all sections of the society

Question 3.
The price of goods in a market is determined by the factors like
(a) demand by the consumers
(b) requirement of the manufacturers
(c) variety of goods available
(d) import and export restrictions
Answer:
(a) demand by the consumers

Question 4.
Wages of people working in a market are low as
(a) government is not paying attention.
(b) their employers are exploting them.
(c) the workers are more but work is less.
(d) their wages have not been fixed by government.
Answer:
(b) their employers are exploting them.

Question 5.
Which one of the following statements about a democratic government is false?
(a) It provides opportunities to ensure equitable distribution of
(b) It provides facilities to eradicate social inequalities.
(c) It provides all types of service to all the citizens.
(d) It provides equal distribution of wealth.
Answer:
(d) It provides equal distribution of wealth.

B. Fill in the blanks.

1. A ………………. sells goods at a higher price.
2. From the wholesale market we buy items that can be ………………. for a longer time.
3. The Public Distribution System ensures the distribution of rice, wheat, and sugar at a ………………. rate for the poor.
4. A democratic government is committed to protecting the …………….. of all sections of society.
5. Markets also determine the …………….
Answer:
1. retailer
2. stored
3. reasonable,
4. interests
5. wages.

C. Match the following:

1. Market	(a) buys directly from the producer
2. Retailer	(b) inequality of economic assets and incomes
3. Economic inequality	(c) sells at a higher price
4. PDS	(d) place of sale and purchase of goods
5. Wholesaler	(e) distribution of goods at reasonable rate

Answer:

1. Market	(d) place of sale and purchase of goods
2. Retailer	(c) sells at a higher price
3. Economic inequality	(b) inequality of economic assets and incomes
4. PDS	(e) distribution of goods at reasonable rate
5. Wholesaler	(a) buys directly from the producer

D. Answer the following questions in brief.

Question 1.
Define a market. Name different kinds of markets.
Answer:
A market is a place where buyers and sellers engage in the activity of selling and purchasing of goods. Examples—Wholesale markets, retail markets, weekly markets, shops in the neighbourhood, shopping complexes and malls.

Question 2.
State the result of competition among workers.
Answer:
Competition among workers tend to lower the wages.

Question 3.
Why is there a difference in prices between a wholesale and a retail market?
Answer:
It is because a wholesaler buys directly from the producers or the manufacturers and therefore he sells goods at a lower price. But a retailer buys from the wholesaler and adds the cost of transportation, time, storage charges etc to the price of goods. So he sells goods at a higher price.

Question 4.
Mention three benefits of shopping in a weekly market.
Answer:

• We find everything there, we need.
• Sometimes we get good quality things at a very lower price.
• We can make bargaining. It gives us momentary pleasure.

Question 5.
What is economic inequality?
Answer:
Economic inequality refers to the inequality of economic assets and income among individuals and groups within a society. The term is also related to inequality of opportunity.

E. Answer the following questions.

Question 1.
Do you buy different types of goods from different markets? Support your answer with two examples.
Answer:
Yes, I buy different types of goods from different markets.

Examples:
(a) I buy household items, fruits, vegetables, groceries, utensils, etc. from weekly markets.
(b) I buy clothes, school bags, stationery, shoes, etc. from malls.

Question 2.
How does the market creat inequalities that harms democracy?
Answer:
The market creates inequalities in the following ways:
(a) The shop owners in a weakly market and those in a shopping complex are very different people. One is a small trader with little money to run the shop whereas the oither is able to spend a lot of money to set up the shop. They also earn unequal amounts. A weekly market trader earns a little compared to the profit of a regular shop owner in a shopping complex.

(b) There are differences in the buying capacity of customers too. One buyer may be able to afford only cheap goods from a weekly market whereas the other one may buy branded items from malls.

(c) The sale of goods increases production that in turn, also provides new earning opportunities for more people. But everyone does not get equal benefit of these opportunities in the markets.

Question 3.
Explain the terms ‘demand’ and ‘supply’ with an example from our daily life.
Answer:
Demand – The demand for a good is defined as an amount of commodity for which people are willing to pay and buy.
Supply – The supply of a good is the quantity that the suppliers are willing to put in the market.

Question 4.
Describe the role played by the government in protecting the interests of all sections of the society.
Answer:
Our government has taken the following steps to protect the interests of the people.

• The government has fixed minimum wages so that the workers could be able fulfil their basic needs.
• It has opend employment exchanges to register names of unemployed individuals who desire employment
• The government ensures the distribution of rice, wheat, sugar, and kerosene oil at a reasonable rate for the poor
• under the Public Distribution System (PDS).
• The government announces the support price for the crops to safeguard the interests of the
  farmers and save them from exploitation of moneylenders, village touts, wholesalers and retail giant companies.
• The government also provides electricity, irrigational facilities, technical assistance, loan and insurance facilities at sub¬sidised rates.

Question 5.
Compare the price of a plastic bucket from a weekly market and a mall. What are the reasons behind the difference in price and why?
Answer:
There is a great difference in price of a plastic bucket from a weekly market and a mall. In a weekly market things are sold at a lower price but in mall we have to pay a higher price for each and everything. This is because shops in malls are run in permanent buildings. Hence, 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.

The more people involved in the chain means additions in the cost of a commodity at every level. They all have to make profit at every level to pay for their investment manpower, etc. Hence, things are sold at a higher price. On the contrary, in a weekly market, the shop owners store the things they sell at home.

The must of them are helped by their family members and therefore do not need to hire workers. Moreover, there is competition among the shopkeepers and the buyers can bargain comfortably. This brings the price down.

Value-Based Question

“People’s Mall” is a five floor shopping complex in Kurla, Mumbai. Gori and Sameera were enjoying going up and down in the lift, as they had come to the mall for the first time, taking leave from their Meim-Sahib. They were fascinated to see different kinds of shops, such as ice cream parlour, Pizza Hut, other food stores, shops of home appliances, footwear, etc.

While wandering about on the third floor, they entered a shop selling branded readymade clothes. Firstly, the security guard stared at them as if he wanted to stop them. Then the helper in the shop also gave them an unfriendly look. They felt very bad and did not know what to do?

Question 1.
Why did the guard want to stop the girls from entering the shop?
Answer:
The guard thought that these girls would not have money to purchase anything.

Question 2.
Why did the helper behave so rudely?
Answer:
The helper behaved so rudely because these girls belonged to underprivileged group.

Question 3.
In your opinion, what should have been the correct behaviour of the guard and the helper?
Answer:
The guard and the helper should welcome these two girls nicely.

Map Skill

On the political outline map of the world, locate and label the following –
(a) China – The largest market in the world.
(b) India – The largest emerging market in the world.
(c) Dubai, UAE – The world’s largest shopping mall is located here.
(d) Bangkok (Thailand) – The world’s largest weekend market.
(e) Paris (France) – The world’s largest wholesale market for fresh produce.
Answer:

Something To Do

Question 1.
Hold a group discussion or debate in the class on bargaining/negotiation v/s fixed price.
Answer:
Do yourself.

Question 2.
Prepare a report on the ‘Culture of Malls’.
Answer:
Do yourself.

Question 3.
Find information about new schemes launched by the government for the benefit of the poor.
Answer:
LPG Cooking Gas Scheme, Universal Health Insurance Scheme and Varishtha Persion Bima Yojana are such schemes launched by the government for the benefit of the poor. Students can collect information about these schemes.

DAV Class 7 Social Science Chapter 23 Question Answer – Markets Around Us

A. Tick (✓) the correct option.

Question 1.
The buyer can pay for the goods or services through
(a) cash
(b) credit card
(c) cash or credit card
(d) cash and credit card
Answer:
(c) cash or credit card

Question 2.
If we need to buy things in bulk, we usually visit
(a) a weekly market
(b) a wholesale market
(c) a retail market
(d) a neighborhood shop
Answer:
(b) a wholesale market

Question 3.
Buying and selling also take place without going to the marketplace through
(a) telemarketing
(b) phone
(c) Internet
(d) All of them
Answer:
(d) All of them

Question 4.
The custmoers are free to bargain in
(a) wholesale markets
(b) weekly markets
(c) retail markets
(d) malls
Answer:
(b) weekly markets

Question 5.
The full form of PDS is
(a) Public Distribution System
(b) Public Duty System
(c) Private Distribution System
(d) Proper Distribution System
Answer:
(a) Public Distribution System

B. Very Short Answer Type Questions

Question 1.
What is the common definition of the market?
Answer:
A market is a place having shops, selling vegetables, clothes, stationery, etc.

Question 2.
How can a buyer save money?
Answer:
He can save money by buying directly from a wholesale market.

Question 3.
Why does a wholesaler sell goods at a lower price?
Answer:
It is because he buys directly from the producer or the manufacturer and in this way cuts the cost of transportation, time, storage charges, etc. from the price of goods.

Question 4.
From where do the retailers get the supply of goods?
Answer:
The retailers get the supply of goods from a wholesale market.

Question 5.
Name the factors that determine the price of goods in a market.
Answer:

• Demand by the buyers/ consumers
• Supply by the farmers/manufactures.

Question 6.
How does supply affect the increase and decrease of the price of a thing?
Answer:
When the price of a thing rises, the supply also rises. When the price goes down, the supply also goes down.

Question 7.
What are weekly markets?
Answer:
Weekly markets are held at different places on different days of a week.

Question 8.
Name some retail giants that run chain stores in different cities.
Answer:

• The Reliance Fresh
• Big Bazaar
• Shopper’s stop
• Vishal Mega Mart.

Question 9.
There are differences in the buying power of customers. Explain.
Answer:
One buyer may be able to afford only cheap goods from a weekly market whereas another may buy branded items from malls.

Question 10.
Name the factor on which the selling and buying depend.
Answer:
Money

Question 11.
How does a chain of markets help the customers?
Answer:
It helps in supplying goods produced in different places, areas, to reach the customers everywhere.

Question 12.
How is marketing different from advertising?
Answer:
Advertising persuades the customer to buy but marketing is systematic planning to bring the buyer and seller close for buying and selling.

Question 13.
What should a democratic government do to eradicate inequalities in the society.
Answer:
A democratic government should provide opportunities to ensure equitable distribution of goods, services as well as sufficient income for all to eradicate inequalities in the society.

Question 14.
Give the meaning of a wholesale market.
Answer:
A wholesale market is a place where people buy and sell in bulk.

Question 15.
Name the items that people usually buy from a retail market.
Answer:
Sugar, fruits, vegetables, stationery, clothes, shoes, salt, pulses, etc.

C. Short Answer Type Questions

Question 1.
Describe the main features of a wholesale market.
Answer:

• A wholesale market is a place where goods are sold at a lower price.
• A buyer can save a lot of money by buying directly from a wholesale market.
• The wholesalers do not sell small amounts. So, a buyer has to buy in bulk.

Question 2.
How does a retailer make profit?
Answer:
The retailer sells the goods in smaller quantities /numbers but a higher price as he buys from the wholesaler and adds the cost of transportation, investment of money, time, storage charges and profit on the price of goods. If the payment is not made right away and goods are bought on credit, the retailer further increases his margin.

Question 3.
List some of the features of a weekly market.
Answer:

• A weekly market is not a daily market but is found at a specific place on a specific day of a week.
• The shopkeepers set up shops on the roadside or in an open space for the day and then close them at night.
• The goods are cheaper here as no expenditure as rent, electricity etc is incurred here in maintaining permanent shop.
• The markets sell most often everything, that a household needs, ranging from fruits and vegetables to clothes to sweets.
• There is a competition among the shops in the weekly market. If some traders were to charge a high price, people would move to another shop where the same thing may be available more cheaply or where the buyer can bargain.

Question 4.
Why do people prefer shops in the neighborhood?
Or
In which ways do neighborhood shops serve the people?
Answer:

• Most people prefer shops in the neighborhood for their day-to-day requirements as they can visit them any time.
• The customer and the shopkeeper know each other well and the goods are also available on credit.
  The customer can pay for the purchases later.

Question 5.
How do markets determine wages?
Answer:
A job where there are many willing workers i.e., high supply but only a small number of positions i.e., low
demand will result in a low wage for that job. High number of workers create competition among them, this competition among workers tends to lower the wage. If any worker demands for a higher wage, the employers can remove him and simply hire an other one at a low wage.

D. Long Answer Type Question

Question 1.
What are the different types of markets? Describe them briefly.
Answer:
There are many kinds of markets that we may visit for our everyday needs. These can include –

• Wholesale markets
• Retail markets
• Weekly markets
• Shops in the neighborhood
• Shopping complexes
• Malls

1. Wholesale markets – Here goods are sold and bought in large quantities but at a lower price. It is because here wholesaler buys directly from the producers/manufactures and thus, he does not need to a spend money on the transportation of goods.

2. Retail markets – Here goods are sold and bought in smaller quantities. The retailer charges a higher price as he buys from the wholesaler and adds the cost of transportation, investment of money, time, storage charges and profit on the price of goods.

3. Weekly markets – These markets are set up on specific days of a week in different parts of many cities/towns. These markets often sell everything, that a household needs ranging from fruits and vegetables to clothes and sweets. The customers are free to bargain in weekly markets.

4. Shops in the neighbourhood – There are many shops that sell goods and services in our neighbourhood. These shops are very useful in many ways. They are close to our homes and we can visit them any time.

5. Shopping complexes – There are markets in the urban areas that have many shops, known as shopping complexes.

6. Malls – These are large muitistoreyed airconditioned buildings with shops on different floors. Both branded and non-branded goods are availables in malls as well as in shopping complexes.