i. Goods are produced in factories, on farms and in homes.
ii. The weekly market trader earns little compared to the profit of a regular shop owner in a shopping complex.
iii. People in urban areas can enter markets without stepping out of their homes via the Internet.
iv. Shops in neighbourhood often give goods to their regular customers on credit.
v. Malls sell expensive and branded goods.
i. When things are sold, it encourages production and new opportunities are created for people to earn. True
ii. People use their visiting cards to make ‘online purchases’. False
iii. Shops in the neighbourhood are useful in many ways. True
iv. People who buy and sell thing in bulk are called retailers. False
v. The people in between the producer and final consumer are traders. True
Ans. Aftab is one of the wholesale traders who purchases in bulk.
Ans. A weekly market is so called because it is held on a specific day of the week.
Ans. Some roadside stalls are vegetable hawker, the fruit vendor and the mechanic.
Ans. This is a place where goods first reach and are then supplied to other traders.
Ans. Buyers are differently placed. There are many who are not able to afford the cheapest of goods while others are busy shopping in malls.
Ans. In a weekly market there are many shops selling the same goods which creates competition among them.
Ans. Branded goods are often promoted by advertising, which costs a lot and thus they are expensive.
Ans. Only fewer people can afford to buy branded goods because branded goods are expensive.
Ans. We don’t buy directly from the factory or from the farm because producers would not be interested in selling us small quantities such as one kilo of vegetables or one plastic mug.
Ans. The trader, who finally sells goods to the consumer, is the retailer. This could be a trader in a weekly market, a hawker in the neighbourhood or a shop in a shopping complex.
Ans. Shops in the neighbourhood are useful in many ways. They are near our home and we can go there on any day of the week. Usually, the buyer and seller know each other and these shops also provide goods on credit.
Ans. This is because when shops are in permanent buildings, they incur a lot of expenditure – they have to pay rent, electricity, fees to the government. They also have to pay wages to their workers.
Ans. The people in between the producer and the final consumer are the traders. The wholesale trader first buys goods in large quantities. These will then be sold to other traders. In these markets, buying and selling takes place between traders. It is through these links of traders that goods reach faraway places.
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