NCERT Class 7 Civics Chapter 8 - Market Around Us Notes

Chapter 8 - Market Around Us Notes

1. There are many kinds of markets such as weekly market, a large shopping complex, and malls.

2. A weekly market is so-called because it is held on a specific day of the week. Weekly markets do not have permanent shops. Next day, they set up their shops at next place.

3. In the weekly markets, the things are available on cheaper rates. This is because when shops are located in permanent buildings, they incur a lot of expenditure - rent, electricity, helper’s wage etc.

4. In the weekly market, a variety of goods are sold in a small area. Therefore, all the things can be purchased here on cheaper rates. Comparison of cost and quality can be made very easily.

5. There are many shops that sell goods and services in our neighbourhood. We may buy milk, groceries, stationery, medicines, eatables etc., from shops. Many of these are permanent shops, while others are roadside stalls such as vegetable hawker, the fruit vendor etc.

6. Neighbourhood shops are near to our home and we can go there on any day of the week. These shops also provide goods on credit.

7. In the urban areas, there are shopping complexes that have many shops with variety of things. There are also large multi - storeyed air-conditioned buildings with shops on different floors, known as malls.

8. In these urban markets, there both branded and non-branded goods. Branded goods are expensive, often promoted by advertising and claims of better quality. As compared to non-branded goods, fewer people can afford to buy branded ones.

9. Goods are produced in factories, on farms and in homes. The wholesale trader first buys goods in large quantities. These will then be sold to other traders. The trader, who finally sells this to the consumer, is the retailer.

10. All these markets are located in a specific locality and work in a particular manner and time. You can place orders for a variety of things through the phone and these days through the internet, and the goods are delivered at home.

11. A large number of goods that we don’t use directly are also bought and sold.

12. Weekly market are not daily markets but are to be found at a particular place on one or maybe two days of the week. These markets most often sell everything that a household needs ranging from vegetables to clothes to utensils.

13. Mall is an enclosed shopping space. This is usually a large building with many floors that has shops, restaurants and, at times, even a cinema theatre. These shops most often sell branded products.

14. Wholesale refers to buying and selling in large quantities. Most products, including vegetables, fruits and flowers have special wholesale markets.

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

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