Chapter-7 Markets Around us

1. In what ways is a hawker different from a shop owner?

Explanation: 

A hawker doesn't have a set place where they operate to sell their wares. Instead, they shift from one place to another while still making a profit. A hawker can sell as many goods as they like while bringing their service to the doorstep of clients, and there is no maximum amount of cash required to set up a business unit.

A shopkeeper operates out of a permanent building to sell their products. Customers will go to the stores to buy the products they desire. The amount of a shopkeeper's customer base is dependent on the location of their company. The type of store may limit the items that can be offered. For instance, an electrical firm will exclusively sell electrical goods. A clothes store will only carry clothing, accessories, etc.


2. Compare and contrast a weekly market and a shopping complex on the f

Explanation:

Market

Kind of goods sold

Prices of goods

Sellers

Buyers


several products used on a daily basis, including fruits, vegetables, food, clothing, items, utensils, etc.

. The cost of things is not too expensive. These are easily attainable.

Little vendors and hawkers handle the weekly markets.

those who fall under the lower-middle income category.

Shopping complex

branded goods including ready-to-wear clothing, household appliances, shoes, leather goods, etc. Even food is accessible for immediate consumption in certain buildings.


The price of goods is frequently exorbitant. Only the privileged can afford to buy them. 

large companies and merchants. large deals and global brands.

those who are upper middle class or above. 

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

Explanation: 

First, products are produced in factories, farms, and homes (depending on the type of business it is). Although the makers won't sell in small amounts to a single client, this does not imply that a buyer must go to these places in order to buy these items.

Wholesalers can be of assistance here. They serve as the intermediaries between producers and paying clients. They initially buy the goods in large quantities before selling them to shops. Demand will have an impact on how much is sold. The people to whom these stores will sell it are the end consumers.

As a result, a chain connecting manufacturers with customers may be inferred. This is a market chain or chain of markets.


4. ‘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.

Explanation:

Indeed, that applies to all stores that sell pricey goods. The merchant is required to put the things out for display even if the customer cannot afford to buy them. Under no circumstances may the shopkeeper pressure the customer into purchasing the goods. The consumer has complete discretion over that choice. As an illustration, consider what follows:

Sujata and Kavita paid a quick visit to Ansal Mall. They come upon a store selling branded clothing as they make their way around the mall. Despite their admiration for the items' high calibre, they departed in search of a new store that offered the same kind of clothing at a more affordable price.


5. Buying and selling can take place without going to a marketplace.’ Explain this statement with the help of examples.

Explanation:

The advent of the internet has created a plethora of brand-new possibilities. Nowadays, purchasing and selling items may be done online. They may now be bought online using cards and payment applications. Just place the order, and it will be delivered to the customer's door. That applies to even neighbourhood kirana businesses where customers may purchase goods online or using a mobile app and have them delivered. For instance, at clinics and nursing homes, we could have observed sales representatives from medical companies waiting for the doctor to arrive. These people are also employed in the retail sector. As a result, buying and selling may be done in a variety of ways without a business being present.