Important Questions for CBSE Class 7 Social Science Social and Political Life Chapter 7 - Markets Around Us

Very Short Answer Questions: (1 Marks)

1. Multiple Choice questions:

(i) The chemist sells: 

(a) Grocery

(b) Medicine

Ans: b) Medicine

(ii) The enclosed shopping space in a large building is known as: 

(a) Local Market

(b) Mall

Ans: b) Mall

(iv) Sellers in weekly markets are 

(a) Small traders

(b) Big traders

Ans: a) Small traders

(v) Internet helps us buy goods: 

(a) Sitting at home

(b) By going out

Ans: a) Sitting at home

2. Fill in the blanks: 

(i) Temporary shops are part of _______. 

Ans: Temporary shops are part of weekly markets. 

(ii) A retailer buys good from the ______.

Ans: A retailer buys good from the wholesale trader.

(iii) The link between the producers and the consumers are known as ______.

Ans: The link between the producers and the consumers are known as traders.

(iv) There are _____ and _____ goods in a mall. 

Ans: There are branded and unbranded goods in a mall. 

4. State true and false:

(i) There are only temporary shops in a weekly market.

Ans: True

(ii) The roadside hawkers sell electronics and gadgets.

Ans: False

(ii) The medicine is sold at the chemist shop.

Ans: True

(iv) Shopkeepers in a weekly market are small traders.

Ans: True

4. Match the following: 

Ans: 

5. What do roadside hawkers sell?

Ans: Roadside hawkers sell vegetables, fruits, plastic items, etc.

Short Answer Questions: (2 Marks)

1. What does the term “retail” stand for?

Ans: The term “retail” is used when goods are bought in smaller quantities from the wholesaler and sold in the local markets to the consumers.

2. Write about the types of markets.

Ans: There are different kinds of markets that consumers visit for their everyday needs. These include shops, hawker’s stalls, malls, a weekly market, superstores, etc.

3. What is a weekly market?

Ans: A weekly market is a market which is organized on a certain day of the week and many small shops are arranged in it.

4. How does a weekly market function?

Ans: A weekly market does not have permanent shops. It is shut down in the evening and is set up at a different place the next day.

5. Why do the shopkeepers sell goods at cheaper prices in weekly markets?

Ans: Shopkeepers sell their goods at a cheaper price in the weekly markets because they do not spend huge amount of money in building stalls or arranging for electricity or expensive displays. Products are stored at home and their transportation charges are also saved.

Short Answer Questions: (3 Marks)

1. How strong is the competition in the weekly markets? 

Ans: The concept of the weekly market is to sell the same type of goods at more than one shop. There is tough competition among the shopkeepers. People get advantage from their competition and bargain to get goods at lower prices.

2. Write the advantages of a weekly market. 

Ans: The advantages of a weekly market are as follows:  

• People are able to have access to different items in one place. 

• People can buy goods in both larger and smaller quantities. 

• The price is already cheap and they can still bargain as per their choices. 

• There is always more than one option available for the buyer.

3. Who is Sameer? What does he do?

Ans: Sameer is a small trader in the weekly market. He purchases clothes from a big trader and sells those clothes in six different weekly markets in a week. He roams with the help of a minivan and moves along with his other teammates. He is successful during the time of any festival.

4. What is the difference between shopkeepers and hawkers?

Ans: Shopkeepers are those that have permanent shops especially in the area specified as the local market. On the other hand, the hawkers are those who sell their goods on the roadside or move from door to door to sell their goods.

5. How does “credit” work between a customer and a shopkeeper?

Ans: Credit is the term used when people do not pay money on the spot. It means that a customer purchases goods without paying money at the time of purchase. He promises to pay later and the shopkeeper notes the due amount and the due date in his ledger. 

Long Answer Questions: (5 Marks)

1. Describe the morning activities of Aftab?

Ans: Aftab is a wholesale trader who deals in vegetables. His morning activities start at around 2 o’clock in the morning when fresh vegetables reach the vegetable market. This is the time when the vegetable market or mandi starts bustling with activities. The vegetables come in trucks, matadors, and tractor trolleys from farms both near and far. He participates in the auction and decides what he wants to buy. He has a shop in the market where he stores the vegetables and sells them to hawkers and small shopkeepers.

2. How is the internet revolutionizing the marketplace? 

Ans: By using the internet, we can buy a variety of goods while sitting in the comfort of our homes and the goods are delivered at our doorsteps. The use of the internet has done away with the huge costs incurred in running physical shops. Business owners are able to reach a large number of consumers. The physical shops are located in specific locations and can cater only to a limited number of consumers who are in that region. On the other hand, through the use of the internet, businessmen can reach people across the globe and can offer their services without the restriction of opening and closing times.

The consumers are able to do their shopping without leaving their houses or making the effort to go to the marketplace. The number of options is also more than that may be available in a physical shop. 

3. What are the various links in the chain through which products pass in the market to reach the final consumers? 

Ans: There are various links in the chain through which products pass in the market to reach the final consumers include: 

• The wholesaler buys the products in huge amounts directly from the producer.

• And from these wholesalers or wholesale markets, the goods are supplied to other traders.

• Then a retailer would buy goods in smaller quantities and transport them to different parts of the city.

• Those goods are purchased by roadside hawkers directly from the wholesaler or retailer.

• Finally, the goods reach the consumers. 

4. What is the difference between the sellers in the weekly markets and those in shopping complexes?

Ans:  There are two types of sellers in the market. They are a weekly market and shopping complex. 

5. What are the accounts of those things that are not used directly by the people or the buyers? 

Ans: There are various kinds of markets and there are some that we are not aware of. In these markets, a large quantity of goods is bought and sold that is not of our users directly. A farmer uses fertilizers to grow crops that he buys from a shop, but these shops purchase those fertilizers directly from factories.

Similarly, a car factory purchases engines, gears, petrol tanks, etc. from various factories. We do not usually see all the buying and selling of these supplementary goods but only the final product, a car.

Likewise, we buy branded shirts from malls but we do not get to deal with the shops that sell buttons, thread-rolls, fabric, or sewing machines to make that shirt. We just come across the finished product, i.e. the branded shirt in the mall.

What are the Benefits of Important Questions from Vedantu for Class 7 Chapter 7 - Markets Around Us

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Conclusion

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