Markets Around Us 7th Class NCERT Book Chapter- 7

Class seventh in chapter: 7 of social and political science you are going to learn about the life and commercial cycles associated with the market. Students will get to know how the weekly markets, shopping complex, shops in the neighborhood and malls, chain markets, and equality.

You may all have a doubt right! What are markets around Us?

In this article there are several things that you should get to know and understand briefly about Markets Around Us in class 7 book. Let us see!

What is the market around us?

A market is a place where the buyer and seller are involved in the sale for the purchase of goods. It is having a link between the producer and the consumer. There are different kinds of markets namely:-

  • Weekly market
  • Shops
  • Shopping complexes
  • Malls, etc..

Mostly the profit earned by different markets varies. It also depends on the type of investment made by the seller and the buying capacity of the customer. As we all know nowadays goods are also sold by online marketing and home delivery.

Let’s start Brief about Types of market

Weekly market:

The weekly market is called so because it is held on a particular day of the week. Weekly markets will not have permanent shops. Traders set up shops for the day and close on the same day in the evening. Again they will set up at a different place the next day. In India, there are thousands of such markets. People go there for their everyday needs. In this chapter of 7th class book you are going to learn in details about:

  • Why are we calling the weekly market? How do they work?
  • Why are things very cheap in the weekly market?
  • What is the effect of competition in weekly markets?
  • What are the advantages of weekly markets?
  • Reason why People go to the weekly market because the reasons are:

Neighbourhood markets:

They are the markets available near our home and they are permanent shops, and while some of them are roadside sellers like fruits and vegetables . They sell goods and services in the neighborhood. Such a:

  • Chemist, physician
  • Tailor, dry cleaner, garment shop
  • Grocery
  • Hair Salon, florist,
  • Sweet shop
  • Milk
  • Stationary
  • Vegetable and fruit shop

In this chapter of 7th class book you are going to learn in details about:

  • How are the shops in our neighborhood useful for us?
  • How are the neighborhood shops managed?

Shopping Complexes and malls:

There are big complex markets in urban areas. There are large multi-air conditioned buildings with shops on different floors. They are known as malls. Malls have:

  • Both branded and non-branded goods
  • They have restaurants and eating places
  • They have multi-level parking
  • They may have multiplex theatres

In this chapter of 7th class book you are going to learn in details about malls:

  • They uses
  • How they work
  • Why are branded goods expensive in malls?
Chain of Markets:

Market chains are formed, from wholesale markets to retail markets who sell directly to consumers. The name because goods and products pass from one market to another.

In this chapter of 7th class book you are going to learn in details about chain market:

  • From where the shop owners procure their goods?
  • Who is a retailer?
  • How is the chain of markets set up?
  • What are the terms wholesale and retail refer to?
  • Difference between wholesaler and retailer
Markets And Equality:

In the section above, we saw that different types of shops sell different products from different stores. It should be noted that in these different locations there is an imbalance between the “economic situation” of buyers and sellers.

This means that sellers and buyers in small markets such as vegetable stalls spend less money than those who shop and sell in large malls.

So in this chapter 7 You are going to learn the following related to markets and equality:

  • Discuss the relationship between markets and equality.
  • How does the chain of markets work?

So you see how there are different types of markets around us. How exciting it is to know that there are so many markets. It’s all about how the markets around us. Completing all the concepts of this topic, now you have got complete knowledge about the market and its behavior.

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