Markets Around Us Chapter Overview

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Why do people prefer going to a market where they have a choice and a variety of goods?

  • It is more convenient to buy everything at one place.
  • It ensures that all the goods are of high quality.
  • It provides an opportunity to bargain for better prices.
  • It allows customers to compare prices and find the best deals. (correct)

How does Sameer, the cloth seller, benefit from the weekly market system?

  • He can easily transport his goods to different markets without hiring a vehicle.
  • He can access a large customer base from surrounding villages. (correct)
  • He can get special discounts from the large trader for buying in bulk.
  • He can sell his clothes at a higher price due to less competition.

What is the main advantage of buying goods from weekly markets according to the passage?

  • The goods are always fresh and of high quality.
  • A variety of goods are available in one location. (correct)
  • The sellers offer discounts on bulk purchases.
  • The markets are organized and efficient.

What is the main reason why people go to the neighbourhood shop?

<p>They offer a more personalized shopping experience. (D)</p> Signup and view all the answers

What is the significance of the description of the different brands and colours of products in the neighbourhood shop?

<p>It highlights the diversity of products available. (D)</p> Signup and view all the answers

What is the implication of the shop owner having to manage the shop with two helpers?

<p>The shop is very busy and requires additional help. (C)</p> Signup and view all the answers

Based on the information provided, what can you infer about the buying habits of the people in the village?

<p>They are loyal to their local shops and prefer to shop there. (D)</p> Signup and view all the answers

Why does Sameer move in a group of cloth sellers?

<p>To share the cost of transportation and logistics. (A)</p> Signup and view all the answers

Why did the guard in the shop likely want to stop Kavita and Sujata?

<p>The guard thought they might steal something. (D)</p> Signup and view all the answers

Which statement best describes why branded goods are usually more expensive than non-branded goods?

<p>Branded goods benefit from advertising and promotion, which increases their cost. (A)</p> Signup and view all the answers

What can you infer from the fact that people bargain in weekly markets but not in malls?

<p>Weekly markets are less regulated, allowing for more negotiation over prices. (A)</p> Signup and view all the answers

What is a likely reason why shop owners don't buy goods directly from producers?

<p>Producers usually sell in bulk quantities that shop owners don't need. (A)</p> Signup and view all the answers

What can be considered a difference between shopping complexes and malls?

<p>Shopping complexes are typically smaller than malls and have fewer floors. (C)</p> Signup and view all the answers

What is the most likely reason why fewer people can afford branded goods compared to non-branded goods?

<p>Branded goods often involve promotional costs and advertising, which adds to their overall price. (A)</p> Signup and view all the answers

Which of the following is NOT a characteristic of shopping complexes and malls?

<p>They are often owned and operated by individual entrepreneurs with smaller businesses. (C)</p> Signup and view all the answers

What is the most likely reason why the shop owners in the content might not be interested in selling small quantities directly to consumers?

<p>They would lose the advantage of selling in bulk to wholesalers for larger profits. (B)</p> Signup and view all the answers

What was the main reason Sujata carried a notebook?

<p>To record the amount she needed to pay later (B)</p> Signup and view all the answers

How long did it take Sujata to weigh and pack all the groceries?

<p>20 minutes (A)</p> Signup and view all the answers

What type of goods are typically sold in permanent shops compared to roadside stalls?

<p>More diverse and higher-priced items (D)</p> Signup and view all the answers

What is one of the major advantages of shops in the neighbourhood?

<p>They provide goods on credit (D)</p> Signup and view all the answers

What feature of Anzal Mall fascinated Kavita and Sujata?

<p>The glass lift offering views outside (A)</p> Signup and view all the answers

What items were mentioned as being sold in Anzal Mall?

<p>Food, home appliances, and books (B)</p> Signup and view all the answers

What aspect of neighbourhood shops allows for personal relationships between buyers and sellers?

<p>Frequent purchases on credit (B)</p> Signup and view all the answers

Which of the following sellers is NOT typically found in the neighbourhood markets?

<p>Luxury brand representatives (B)</p> Signup and view all the answers

What is the primary reason why goods in weekly markets are generally cheaper compared to permanent shops?

<p>Weekly market sellers use only family members as labor, reducing wage costs. (A), Weekly market sellers do not pay rent or electricity costs. (C)</p> Signup and view all the answers

Why do weekly markets typically have a large number of shops selling similar goods?

<p>To encourage healthy competition among sellers. (C)</p> Signup and view all the answers

Which of these is NOT a reason why people go to a weekly market?

<p>To purchase unique and specialized items not found elsewhere. (B)</p> Signup and view all the answers

What makes a weekly market different from a permanent shop?

<p>Weekly markets are only open on specific days of the week, whereas permanent shops operate daily. (A)</p> Signup and view all the answers

Why might a bargain in a weekly market be considered unfair?

<p>Because the buyer might be using their position of power to force the seller to accept an offer significantly lower than the item's worth. (A)</p> Signup and view all the answers

Why might big businesspersons be less likely to set up shop in a weekly market?

<p>The temporary nature of weekly markets would not suit their long-term business goals. (B), They typically prefer to operate in established locations with guaranteed foot traffic and a consistent clientele. (D)</p> Signup and view all the answers

Why are weekly markets often referred to as 'weekly'?

<p>Because they are held on a specific day of the week, which remains consistent. (A)</p> Signup and view all the answers

How does the text imply that competition is present in weekly markets?

<p>It states that weekly markets have a multitude of shops selling a similar range of goods. (C)</p> Signup and view all the answers

What distinguishes shop owners in a weekly market from those in a shopping complex?

<p>Weekly market traders generally require less capital to operate. (C)</p> Signup and view all the answers

What is one primary difference between goods sold in a weekly market and those in a shopping complex?

<p>Shopping complexes sell predominantly branded and expensive items. (A)</p> Signup and view all the answers

What role does the chain of markets serve?

<p>It allows goods produced in one location to be available to consumers everywhere. (C)</p> Signup and view all the answers

How does purchasing power affect who can shop in different markets?

<p>Different markets cater to varying income levels, affecting customer access. (C)</p> Signup and view all the answers

What is a common misconception regarding market access?

<p>All individuals have equal rights to purchase any product available. (A)</p> Signup and view all the answers

What can be inferred about the impact of markets on production?

<p>Selling goods encourages production and creates new opportunities. (D)</p> Signup and view all the answers

In what context are hawkers mentioned?

<p>As examples of low-budget shop owners. (A)</p> Signup and view all the answers

What is a key characteristic of buyers in a shopping complex compared to a weekly market?

<p>They usually have higher disposable income to spend. (C)</p> Signup and view all the answers

What is the primary role of a wholesale trader?

<p>To buy goods in large quantities (D)</p> Signup and view all the answers

Who buys from wholesale traders to sell to consumers?

<p>Retailers (D)</p> Signup and view all the answers

Which factor is NOT typically associated with wholesale traders?

<p>Selling small quantities (D)</p> Signup and view all the answers

Why is the role of a wholesale trader essential in the market?

<p>They facilitate the distribution of products to various retailers. (A)</p> Signup and view all the answers

How do goods typically reach consumers according to the information provided?

<p>Through a chain of markets involving various traders (D)</p> Signup and view all the answers

What time does Aftab, the wholesale trader, typically begin his business?

<p>Early morning, around 2 AM (D)</p> Signup and view all the answers

Where do wholesale traders usually store their goods?

<p>In godowns (B)</p> Signup and view all the answers

What is a characteristic of a weekly market?

<p>It allows direct sales to end consumers. (A)</p> Signup and view all the answers

Flashcards

Weekly Market

A market held on a specific day each week for various goods.

Sellers in Weekly Markets

Traders who set up temporary shops for a day and close them afterward.

Lower Prices

Goods in weekly markets are often cheaper due to lower overhead costs.

Bargaining

Negotiating prices between buyers and sellers in the market.

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Competition

Presence of multiple sellers offering similar goods in the market.

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Goods Available

Wide variety of products sold at weekly markets, like food and clothes.

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Family Helpers

Sellers often rely on family members to help run their stalls without hiring workers.

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Flexibility of Locations

Weekly market sellers might change locations every week after closing.

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Trader

A person who buys and sells goods, often in a market setting.

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Variety of Goods

Different types of products available for sale in one place.

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Smaller Traders

Individuals or small businesses selling products in local markets.

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Customer Preferences

The choices and priorities of buyers when shopping.

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Group Selling

Traders coming together to sell goods for mutual benefit.

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Shopping Experience

The overall feeling and process of buying items at a store.

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Sujata's notebook

A tool for noting amounts of purchases.

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Goods on credit

Purchases that can be paid for later.

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Permanent shops

Stores that have a fixed location for selling goods.

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Roadside stalls

Temporary selling spots often for fresh goods.

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Neighborhood shops

Local stores where residents buy goods.

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Types of sellers

Different vendors in a market offering goods.

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Anzal Mall

A modern shopping complex with multiple floors.

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Wholesale Trader

A trader who buys goods in bulk from producers and sells to retailers.

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Bulk Purchasing

Buying large quantities of goods to sell them at a profit.

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Retailer

A trader who sells goods directly to consumers.

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Vegetable Market (Mandi)

A marketplace where vegetables are bought and sold, typically in large quantities.

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Supply Chain

The network of traders and processes that goods pass through to reach consumers.

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Godown

A storage place for goods, often used by wholesale traders.

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Trader Links

The connections between different traders in the market.

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Chain of Markets

The sequence of market transactions that goods go through from producer to consumer.

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Shopping Complexes

Multi-storeyed buildings with various shops in urban areas.

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Malls

Large shopping areas with both branded and non-branded goods.

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Branded Goods

High-priced products often advertised for their quality.

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Non-Branded Goods

Cheaper products without a recognizable trademark.

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Price Tag Discrepancy

Branded items in malls can be significantly more expensive than local markets.

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Procuring Goods

The process through which shop owners source their merchandise.

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Luxury Pricing

Prices of branded goods reflect their advertised status and perceived higher quality.

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Market Variety

Different types of markets exist, from weekly markets to urban shopping malls.

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Market Chain

The sequence of steps goods pass through from production to sale.

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Hawker vs Shop Owner

A hawker sells from a temporary stall, while a shop owner runs a permanent store.

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Unequal Earnings

Traders in different markets earn varying amounts based on location and size.

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Access to Markets

Availability of markets affects who can buy or sell based on their money.

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Production Encouragement

Selling goods leads to increased production and new job opportunities.

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Equal Rights in Shopping

The belief that everyone can enter any shop, regardless of product price.

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Study Notes

Markets Around Us

  • Markets provide goods like vegetables, soap, toothpaste, rice, dal, clothes, etc.
  • Markets include shops, hawkers' stalls, weekly markets, shopping complexes, and malls.
  • This chapter explores how goods reach buyers, the roles of buyers and sellers, and the problems they face.

Weekly Markets

  • Weekly markets occur on specific days of the week.
  • They often lack permanent shops, with traders setting up temporary stalls.
  • Goods tend to be cheaper due to reduced operational costs (rent, wages, etc).
  • Bargaining is common.
  • Sellers are primarily small-scale traders or local vendors.
  • Big businesses avoid weekly markets due to high overhead costs.

Neighborhood Shops

  • These shops offer a wide variety of goods and services, often catering to local needs.
  • They are conveniently located, allowing for daily or frequent shopping.
  • Shops often sell goods directly from producers, minimizing costs.

Shopping Complexes and Malls

  • These large indoor markets with multiple shops on different floors offer a wide range of goods.
  • Malls commonly house many or mostly branded goods.
  • Items often have higher prices compared to other market types.
  • Online shopping and delivery options are a significant alternative.

Chain of Markets

  • Goods travel through a chain of markets from producers to consumers.
  • Wholesale traders buy in bulk, acting as intermediaries. Retailers sell to final buyers.
  • This system allows goods to reach distant places efficiently.
  • This chain plays a critical role in supply.

Markets and Equality

  • There are differences in pricing and availability between large and small-scale markets.
  • Weekly markets benefit cost-conscious buyers, whereas malls attract buyers inclined towards branded products.
  • The roles and earnings of sellers differ based on the market type.

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