Social Science STD 7 Chapter 19: Markets

Social Science STD 7 Chapter 19: Markets - Exercises

1. Answer the following questions in one-two lines each:

1. What is a market?

A market is a place where buyers and sellers gather to exchange goods and services. It can be a physical location with shops or an online platform.
2. What kind of expenses are usually not incurred by the trader in the Gujri market?

Traders in a Gujri or weekly market do not have to pay for rent, electricity, or taxes, which allows them to sell goods at cheaper rates. They also don't have to pay daily wages to helpers.
3. Why is 'controlled' market required?

A controlled market, also known as a marketing yard, is required to prevent farmers from being exploited and to ensure they receive a fair price for their produce. It helps to maintain transparency in price fixing and provides a platform for goods to be sold through public auction.
4. What precautions should be taken while purchasing edible items?

When purchasing edible items, it is important to check for the 'Agmark' or 'FSSAI' logo. You should also verify all the details on the package, such as the company name, brand, batch number, manufacturing and expiry dates, and the list of ingredients.
5. Who all earn in the process of goods, reaching from manufacturer to the customer?

In the process of goods reaching the customer from the manufacturer, many people earn money. This includes farmers who grow the raw materials, manufacturers who process them, wholesalers, small traders, and those involved in transportation.

2. Answer the following questions point wise:

1. Describe the types of market and explain their requirements.
There are several types of markets, each with its own characteristics:
- Street Market (Moholla Bazar): These are small shops near our homes for daily needs like groceries and milk. They offer convenience and sometimes provide credit to regular customers.
- Weekly Market (Gujri): These markets are held on a specific day of the week. They provide various necessities in one place and offer cheaper prices since traders don't have overhead costs like rent.
- Shopping Complex and Mall: Found in big cities, these are large buildings with many shops selling branded and regular items. They offer a wide variety of goods, special offers, and a comfortable, air-conditioned shopping experience. They accept various payment methods, including cash, credit cards, and net banking.
- Controlled Market (APMC): These markets, or marketing yards, were created by the government to ensure farmers get fair prices for their produce through public auctions. They promote transparency and provide facilities like banking, storage, and accommodation for farmers.
- Online Market: This market allows shopping from home using computers or mobile phones. Online shopping often provides goods at lower rates and delivers them directly to the customer's home.
2. Who is called a consumer? State the rights of a consumer.
A consumer is a person who pays for and buys goods or services for their own use. Under the Consumer Protection Act of 1986, consumers have six key rights:
- Right to Safety: Protection against products and services that could be harmful to one's life or health.
- Right to Information: The right to get all necessary information about a product before buying it.
- Right to Choose: The freedom to select from a wide variety of items.
- Right to Representation: The right to present their case to the Consumer Protection Board to safeguard their interests.
- Grievance Redressal Right: The right to receive compensation for any damages caused by defective goods or poor services.
- Right to get Consumer Education: The right to receive knowledge and information to become an informed consumer for life.
3. What precautions should a consumer take while shopping? Explain.

While shopping, a consumer should take several precautions to protect themselves from fraud. They should insist on a GST bill and keep it safe for a reasonable time. For costly goods and electronics, it is important to check for the ISI mark and to collect signed and stamped guarantee and warranty cards. When buying gold or silver, they should look for a Hallmark and ensure that all details like purity and price are clearly written on the bill. For food items, it is important to check for the 'Agmark' or 'FSSAI' logo and verify the manufacturing and expiry dates. Finally, consumers should be careful of fake advertisements and avoid unnecessary purchases.
4. Describe the production process of clothes.

The production process of clothes starts with cotton as a raw material. A farmer plants cotton seeds, which grow into plants that produce cotton buds. The cotton is then plucked and sold to a ginning factory where the seeds are separated. The remaining cotton is sent to a spinning mill to be made into thread, which is then bought by a textile mill to make cloth. The finished cloth is sent for dyeing, then cut and stitched into ready-made clothes in a garment factory. These clothes are then packed and sold in local markets and showrooms to customers.

3. State whether the following statements are true or false:

1. Big shopkeepers get employment in the 'Gujri Market'.

False
2. A trader who sells goods in bulk is called a retailer.

False
3. The consumer has a right to make presentation to the Consumer Protection Board to protect the rights and interest of the consumer.

True

4. Recognize me:

1. ISI

Used for home appliances and electrical items.
2. Agmark

Used for food items.
3. fssai

Used for food items.
4. Woolmark

Used for wool products.
5. Red dot

Used for non-vegetarian food.

5. Fill in the blanks:

1. A market which is held on a specific day is called a ........ market.

weekly
2. Public auction of farmers' farm produce takes place in ........

marketing yard
3. Gold-silver jewellery should be purchased with the ........ mark.

Hallmark
4. ........ is a raw material for the production of cloth.

Cotton
5. The whole world is a ........ in the present time.

single market