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

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Watch Video Lecture on YouTube: NCERT Class 7 Political Science Chapter 8: Markets Around Us

NCERT Class 7 Political Science Chapter 8: Markets Around Us

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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

Image of Chain of Market

Image of Chain of Market

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

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