Markets Around Us

Q1. Fill in the blanks.

                        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.

Q2. True/False

                         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

Q3. Who is Aftab in the chapter?

Ans. Aftab is one of the wholesale traders who purchases in bulk.

Q4. Why is weekly market so called?

Ans. A weekly market is so called because it is held on a specific day of the week.

Q5. Name some roadside stalls.

Ans. Some roadside stalls are vegetable hawker, the fruit vendor and the mechanic.

Q6. What is wholesale market?

Ans. This is a place where goods first reach and are then supplied to other traders.

Q7. How buyers are differently placed?

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.

Q8. Why is there a competition among the shops in the weekly market?

Ans. In a weekly market there are many shops selling the same goods which creates competition among them.

Q9. Why branded goods are expensive as compared to non-branded goods?

Ans. Branded goods are often promoted by advertising, which costs a lot and thus they are expensive.

Q10. Why fewer people can afford to buy branded goods?

Ans. Only fewer people can afford to buy branded goods because branded goods are expensive.

Q11. Why don’t we buy directly from the factory or from the farm?

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.

Q12. Who is a retailer? Give some examples.

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.

Q13. How are shops in neighborhood useful to us?

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.

Q14. Why are goods sold in permanent shops costlier than those sold in the weekly markets or by roadside hawkers?

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.

Q15. Why is a wholesale trader necessary?

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.