Markets Around Us - Class 7 - Social Science
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Back Questions - Markets Around Us | Social and Political Life | Social Science | Class 7
In what ways is a hawker different from a shop owner?
Mobility: A hawker is mobile, moving from place to place to sell goods, unlike a shop owner who operates from a fixed location.
Overhead Costs: Hawkers have lower overhead costs with no need for rent or electricity, in contrast to shop owners who have to bear these expenses.
Family-run: Many hawkers are helped by family members, reducing the need for hired workers, whereas shop owners may need to employ staff.
Bargaining: Bargaining is more prevalent in transactions with hawkers than with shop owners who have fixed prices in permanent establishments.
Compare and contrast a weekly market and a shopping complex on the following:
Aspect | Weekly Market | Shopping Complex |
---|---|---|
Market | ||
Kind of Goods Sold | ||
Prices of Goods | ||
Sellers | ||
Buyers |
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Sign up nowExplain how a chain of markets is formed. What purpose does it serve?
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Sign up now‘All persons have equal rights to visit any shop in a marketplace.’ Do you think this is true of shops with expensive products? Explain with examples.
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Sign up now‘Buying and selling can take place without going to a marketplace.’ Explain this statement with the help of examples.
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Sign up nowExtra Questions - Markets Around Us | Social and Political Life | Social Science | Class 7
What are the different types of markets mentioned, and what can one typically purchase from them?
There are several types of markets, including:
- Weekly markets: These have no permanent shops and offer various items like clothes and groceries at cheaper rates due to low overhead costs. Goods can be purchased through bargaining.
- Neighborhood shops: Permanent shops close to residences provide daily necessities like milk, groceries, and medicine, often allowing purchases on credit.
- Shopping complexes and malls: Multi-storeyed, air-conditioned buildings selling both branded and non-branded goods at higher prices due to brand value and quality claims.
Why are items generally cheaper in weekly markets?
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Sign up nowHow have online markets changed the way consumers purchase goods?
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Sign up now"Markets can only account for costs and surpluses."
A. private
B. external
C. social
D. public
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