Market Around Us CBSE Class 7 Important Notes

Important notes of Civics Class 7

Market around us important notes.

Weekly market;
1.It is held on a specific day of the week
2.They do not have permanent shops
3.Traders set up shops for the day and close them in the evening
4.There are thousands of weekly markets in India


Reason for cheap rate of products in weekly market
1.They do n ot have permanent shops, so they don't have to incur expenses like electricity bill, shop rent, fees to government
2.They store goods at home
3.They do not hire workers, as family members help them
4.There are large number of shops seeling same thing which leads to competition and lower prices

Advantage of Weekly market
Most things are available at one place like vegetables, groceries household items, clothing items etc.People do n ot have to go to different areas to buy different things

Neighbourhood Shops
These are the shops that sells goods and services in our neighbourhood.They sell all kind of items and services, like dairy, groceries, stationery, medicines, hair saloon etc.They can be permanent shops and some are roadside stalls like vegetable hawkers, fruit vendor, the mechanic etc

Advatanges of Neighbourhood shops
1.They are near our house
2.We can go there at any day of the week
3.Buyer and seller know each other, so seller often provides goods at credit

Malls:
Multi-storeyed air conditioned buildings with shops on different floors known as malls.In these urban markets you get both branded and non branded goods.

Branded Goods:
They are expensive and often promoted by advertising and claims of better quality.
Branded good sare expensive:
They have incur cost of heavy advertising and packagaing.

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


Traders:
The people in between the producer and the final consumer are the traders

Wholesale trader
A person who buys products in bulk from factory and may store them in godown, and sell it to other traders.

Retailer
The trader who buys good from the wholesaler and sells it to the consumer.
All neighbourhood shops are retailers.

Online Market:
these days people do not have to go to the market to buy things they can buy products sitting at home through internet. for e.g sites like flipkart, amazon etc.