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Civics CH-7 2

The document compares and contrasts weekly markets and shopping complexes. Weekly markets sell everyday items at low prices to lower-middle income buyers. They are run by small traders and hawkers. Shopping complexes sell branded goods and appliances to upper-middle and high income buyers at higher prices. They are run by big businesses. The document then explains how a chain of markets forms, from producers to wholesale traders to retailers to consumers. It notes buying and selling can occur without physical markets, such as online or through sales representatives. Finally, it provides brief explanations for some terms like why weekly markets are called so and the role of neighborhood shops.

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Gatik Agrawal
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45 views

Civics CH-7 2

The document compares and contrasts weekly markets and shopping complexes. Weekly markets sell everyday items at low prices to lower-middle income buyers. They are run by small traders and hawkers. Shopping complexes sell branded goods and appliances to upper-middle and high income buyers at higher prices. They are run by big businesses. The document then explains how a chain of markets forms, from producers to wholesale traders to retailers to consumers. It notes buying and selling can occur without physical markets, such as online or through sales representatives. Finally, it provides brief explanations for some terms like why weekly markets are called so and the role of neighborhood shops.

Uploaded by

Gatik Agrawal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

MARKETS AROUND US

1. Compare and contrast a weekly market and a shopping complex on the following parameters:

Market Kind of goods sold Prices of goods Sellers Buyers

Weekly market

Shopping complex
Answer:

Market Kind of goods sold Prices of goods Sellers Buyers

Weekly Different items of everyday use Prices of goods are Small People
market such as vegetables, groceries, not that high. It is traders and belonging to
cloth, items, utensils, etc. easily affordable. hawkers the lower-
middle income
group.

Shopping Branded items such as readymade Prices of goods are Big People
complex clothes, home appliances, usually high. Only businesses belonging to
footwear, leather items, etc. In those who have and traders the upper-
some complexes, there are even high income can middle class
food items available for afford them. income group
immediate consumption and above.

2. Explain how a chain of markets is formed. What purpose does it serve?


Answer: Goods are first produced in factories, farms and homes (depending on what type of business it is).
This is where wholesale traders come in. They are the intermediaries between the producers and the final
consumers. They first buy the goods in bulk and then sell them to the retailers. These retailers will finally sell it
to the end consumers.
Thus it is from the factories to consumers that a chain is formed. This is called a chain of markets or market
chain. It can be better understood from the flow chart given below:

3. ‘Buying and selling can take place without going to a marketplace’. Explain this statement with the help
of examples.
Answer: In the age of the internet, now one does not need a physical marketplace to buy and sell goods. They
can now be purchased online through cards and payment apps. One can just place the order and it will be
delivered to their doorsteps.
For example, in clinics and nursing homes, you may have noticed sales representatives from medical
companies waiting for the doctor to arrive. Such people are also engaged in the selling of goods. Thus buying
and selling takes place in different ways and does not require the physical presence of a shop.
4. Why is a weekly market called so?
Answer: A weekly market is called so because it is held on a specific day of the week.
5. Why is there a competition among the shops in the weekly market?
Answer: In the weekly market there are many shops that sell the same goods. This creates competition among
them.

6. How are shops in the neighborhood useful?


Answer: These types of shops are close to our home and we can go there any time. As the buyer and seller
know each other these shops also provide goods on credit.

7. Where are the goods produced?


Answer: Goods are produced in factories, on farms and in homes.

8. Who is a retailer?
Answer: A retailer is a small trader who buys goods from the wholesale trader and sells this to the customer.

9. What are shopping complexes and malls?


Answer: Shopping complexes and malls are usually found in urban areas. These are large multi-storeyed air-
conditioned buildings with shops on different floors.

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