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

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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

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