NCERT Class 7 Political Science Chapter 8: Markets Around Us YouTube Lecture Handouts

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NCERT Class 7 Political Science Chapter 8: Markets Around Us

Why We Go to Market?

To buy products

What Are the Kinds of Market?

  • Shops
  • Hawker Stalls
  • Weekly Market
  • Large Shopping Mall

Weekly Market

  • No permanent shops
  • Held once a week
  • Set up at different places in India
  • Many such markets exist
  • Meant for daily requirements
  • Available at Cheaper rate
  • Sell product made at home – less costly
  • Permanent buildings have lot of expenditure as rent, electricity, fees to the government, and wages to their workers
  • Good competition exists
  • Bargain & reduce price
  • Many things available at one place – major advantage – from grocery to clothes to utensils

Shops in Neighborhood

  • Shops exist in neighborhood
  • Milk
  • Grocery
  • Stationary
  • Eatables
  • Some are permanent shops
  • Others are roadside stalls – vendors, hawkers
  • Are near to home
  • Can go there any day
  • Buyer & seller know each other
  • Shops do provide goods on credit

Shopping Complexes

  • Have many shops
  • Mall: large multistoried air-conditioned buildings with shops on different floors
  • Both branded & non-branded goods
  • Branded goods are expensive, promoted by advertisement & quality
  • Special Showrooms
  • Smaller number of people can buy branded products

Chain of Markets

Series of market connected like a chain as product pass from one market to another

Illustration: Chain of Markets

Goods Produced in Factories, Farms or Houses

Markets Everywhere

  • Exist in specific locality
  • Now can place order by phone or internet
  • Home delivery options
  • Sales representatives wait for doctors
  • Farmer purchase fertilizer to grow crops
  • Car factory purchases engines from factories
  • Traders earn unequal amount – weekly market traders earn less profit than shopping complex traders
  • What is produced in one market reaches everywhere

Mayank