CBSE Class 7 Social Science Political Science Revision Notes Chapter 7

CBSE Class 7 Political Science (Civics) Chapter 7 Notes – Markets Around Us

Class 7 Political Science Chapter 7 Notes deal with the concept of markets and its different types. Subject matter experts prepare these notes to help students understand the concepts easily. Moreover, these notes adhere to the revised CBSE guidelines and syllabus, so students can easily access quality materials from Extramarks’ website. 

Market Around Us – Class 7 Notes Political Science (Civics) Chapter 7 Notes

Access Class 7 Social Science Chapter 7 – Markets Around Us Notes

Introduction

• A market is a place where buyers and sellers gather to transact goods. It establishes relations between the producers and the consumers.
• There are different types of markets, such as weekly markets, markets in our neighbourhood, shopping complex, shopping mall, etc.
• Prices for the commodities vary from market to market. It depends on the nature of the market (whether it is a permanent shop or a temporary stall), the demand for the goods in the market, and the quality of the products.
• Nowadays, markets work online as well, where customers can place orders online and get them delivered to their doorsteps.

Weekly Market

• A weekly market, as the name suggests, is a market held on a specific day of the week.

• The hawkers set up their stalls on specific dates and close them in the evening. The next day, they set up their stalls elsewhere.

• Usually, the weekly market is held once or twice a week.

• There are thousands of such markets in India.

• The biggest advantage of the weekly market is that, as many sellers sell the same commodities, the buyers can bargain and reduce the price. 

• As the sellers in the weekly market move from place to place, they do not build permanent shops. So, they do not have to pay their electricity bill and fees to the local authorities. In most cases, the traders’ family members assist them in the stalls. So, they do not have to pay wages to any workers. For these reasons, the price of commodities in the weekly market is lower than in other markets.

• One can get nearly all essential items, ranging from food grain to kitchen utensils in weekly markets.

Shops in the Neighbourhood

• Apart from the weekly market, other necessities can be purchased from shops in the neighbourhood.

• Dairy products and groceries are bought from departmental stores in local areas.

• Unlike the weekly market, one can visit these shops any day of the week.

• The shopkeepers are usually familiar with the local people. So, we can buy commodities on credit and pay for them next month.

Shopping Complexes

• A shopping complex is a marketplace where customers can get a variety of items under one roof. These complexes are well decorated, and usually, there are air conditioners in every shopping complex.

• Customers can choose from branded and non-branded products offered at shopping complexes or malls. Shopping complexes make significant financial investments in their stores.

• The prices of commodities and products are comparatively high because the shopkeepers pay rent, maintenance charges, electricity charges, etc.

• Shopping malls that sparkle in urban centres are usually more advanced and sophisticated.

Chain of Markets

• The people who are involved in buying and selling activities are producers and traders.

• Producers sell their products to wholesalers, who buy them in large quantities. For example, a wholesaler of onions will not buy one or two kilograms; rather, he/she would purchase twenty or thirty kilos of onion and sell them to the traders.

• Traders sell food grains, vegetables, and other products in weekly markets, local shops and shopping complexes. There could also be hawkers in shopping complexes.

• Customers purchase necessary items from these traders, better known as retailers.

Markets Everywhere

• All the markets mentioned above function in specific localities at specific times and manner.

• However, it is not necessary to visit the market every time. For example, certain medicine companies sell their products through representatives.

• There are other markets that customers are not familiar with as there is no direct demand for the products. For example, consumers purchase food grains from other types of markets as discussed. But to produce the grains, the farmers need seeds, fertilisers, etc. The customer would not know either the seed producers or the fertiliser producers are involved in it.

• Weekly markets, stores in our neighbourhood, and shopping complexes are widely recognised.