CBSE Class 7 Civics Chapter 7 Notes Understanding The Lesson

1. Man has many needs. These needs can be fulfilled from the markets.

2. There are many kinds of markets such as weekly market, a large shopping complex, perhaps even a mall; that we may visit for our everyday needs.

3. A weekly market is so-called because it is held on a specific day of the week. Weekly markets do not have permanent shops. Next day they set up their shops at next place. There are thousands of such markets in India. People come here for their everyday requirements.

4. In the weekly markets, the things are available on cheaper rates. This is because when shops are located in permanent buildings, they incur a lot of expenditure—rent, electricity, helper’s wage etc.

5. In the weekly market, a variety of goods are sold in a small area. Therefore, all the things can be pur­chased here on cheaper rates. Comparison of cost and quality can be made very easily.

6. There are many shops that sell goods and services in our neighbourhood. We may buy milk, groceries, stationery, medicines, eatables etc., from shops. Many of these are permanent shops, while others are roadside stalls such as vegetable hawker, the fruit vendor etc.

7. Shops in the neighborhood are useful in many ways. They are near to our home and we can go there on any day of the week. These shops also provide goods on credit.

8. In the urban areas, there are shopping complexes that have many shops with variety of things. There are also large multi-storeyed air-conditioned buildings with shops on different floors, known as malls.

9. In these urban markets, you get both branded and non-branded goods. Branded goods are expensive, often promoted by advertising and claims of better quality. As compared to non-branded goods, fewer people can afford to buy branded ones.

10. Goods are produced in factories, on farms and in homes. The wholesale trader first buys goods in large quantities. These will then be sold to other traders. The trader, who finally sells this to the consumer, is the retailer.

11. city has areas for wholesale markets. This is the place where goods first reach and are then supplied to other traders. The city wholesale trader would have bought a large quantity of plastic items from the factory and stored them in a godown. In this way, a chain of markets is set up.

12. All these markets are located in a specific locality and work in a particular manner and time. You can place orders for a variety of things through the phone and these days through the internet, and the goods are delivered at home.

13. All markets work in a space in a particular manner and time.

14. There are even markets we may not be aware of. This is because a large number of goods that we don’t use directly are also bought and sold.

Markets Around Us Class 7 CBSE Notes Important Terms

Market: Market is a place where things are sold.

Weekly market: It is held on a specific day of the week.

Mall: Malls are the commercial buildings with many floors that have shops, restaurants and at times even a cinema theatre.

Wholesale: When the products are bought and sold in large quantities it is called wholesale.

Retailer: The trader, who finally sells products to the consumer, is called retailer.

Chain of markets: A series of markets that are connected like links in a chain because products pass from one market to another.