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

Image of Chain of Market

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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