Longman Panorma Civics Solutions Solutions for Class 7 Social science Chapter 9 Markets Around Us are provided here with simple step-by-step explanations. These solutions for Markets Around Us are extremely popular among Class 7 students for Social science Markets Around Us Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Longman Panorma Civics Solutions Book of Class 7 Social science Chapter 9 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Longman Panorma Civics Solutions Solutions. All Longman Panorma Civics Solutions Solutions for class Class 7 Social science are prepared by experts and are 100% accurate.
Page No 67:
Question A.1:
Sellers of food items in the weekly market prepare it with the help of their _________.
Answer:
Sellers of food items in the weekly market prepare it with the help of their family members.
Explanation - Sellers of food items in the weekly market prepare the food items with the help of their family members to save costs that would otherwise be incurred on hiring workers.
Page No 67:
Question A.2:
Weekly markets offer a good _______ and a _________ of goods.
Answer:
Weekly markets offer a good price and a range of goods.
Explanation - Weekly markets offer a good price and range of goods with immense scope of bargaining owing to the presence of variety of local traders. Prices are low due to absence of costs that are present in case of malls. For example, the huge maintenance cost of infrastructure in malls.
Page No 67:
Question A.3:
The neighbourhood markets often give goods to their regular customers on ________.
Answer:
The neighbourhood markets often give goods to their regular customers on credit.
Explanation - The neighbourhood markets often give goods to their regular customers on credit as their customers belong mostly to the neighbourhood. There is familiarity between the buyer and seller and thus, transactions on credit are facilitated.
Page No 67:
Question A.4:
The shopping malls mostly sell _________ items.
Answer:
The shopping malls mostly sell branded items.
Explanation - Shopping malls sell branded items as shops and showrooms of big companies are located in their premises. Only big companies with a brand image in the market can afford the costly space in shopping malls.
Page No 67:
Question A.5:
The shopping malls offer a much wider _________ as compared to weekly markets which offer limited choices.
Answer:
The shopping malls offer a much wider choice as compared to weekly markets which offer limited choices.
Explanation - Shopping malls offer a wider choice as compared to weekly markets owing to their large space that enables them to house showrooms of different brands of goods. In a shopping mall, a lot of shops are concentrated in an area, making it a hub for shopping.
Page No 67:
Question B.1:
What do the weekly markets offer that you would not find in any mall?
Answer:
Weekly markets are makeshift, local markets that are set up on the same day of the week, every week, in localities and neighbourhoods. These markets are very popular because they sell products that are cheaper than their much expensive counterparts sold in the malls. Moreover, bargaining is prevalent at these local markets, unlike the fixed price system prevalent in malls.
Page No 67:
Question B.2:
How are the weekly markets different from the permanent shops?
Answer:
Weekly markets are local markets that are organised every week on a particular day. These markets, therefore, do not have permanent shop structures. Generally, these makeshift shops are setup by afternoon and are dismantled by late evening.
Page No 67:
Question B.3:
Why do people buy from the shops in the neighbourhood?
Answer:
Neighbourhood shops are very popular among people because of their proximity to the buyer’s place of residence and also because they are open throughout the week. Moreover, bargaining is prevalent at these shops, unlike the fixed price system prevalent in malls. People can also purchase goods on credit from these neighbourhood shops if they are familiar with the shopkeepers.
Page No 67:
Question B.4:
Bring out two differences between a mall and a neighbourhood shop.
Answer:
| Shopping Malls | Neighbourhood Shops |
| Usually, branded products are sold at shopping malls. | Usually, unbranded products are sold in neighbourhood shops. |
| The products that are sold at shopping malls have high prices. Setting up a shop at a mall requires higher investment. | The products that are sold in neighbourhood shops have lower prices. These shops require comparatively lower investment to establish. |
Page No 67:
Question B.5:
What are the modes of payment at a street shop, neighbourhood shop, a shopping complex and over the Internet.
Answer:
| Type of Market |
Mode of Payment |
| Street shop |
Cash only |
| Neighbourhood shop |
Cash/ credit balance that is settled periodically |
| Shopping complex |
Cash or credit/debit cards |
| Over the Internet |
Credit/debit cards |
Page No 67:
Question C.1:
Discuss the chain of markets through which the product reaches the final buyer. Make a flowchart to depict the process.
Answer:
In thr chain of markets, the products pass through a number of stages, beginning from the producer and ending with the consumer. Goods are either produced in farms (fruits, vegetables, etc.) or are produced in factories (clothes, medicines, etc.)
After the goods have been produced in the factories, they are bought by the wholesale traders in bulk. They store the goods in godowns and later sell them to other traders in wholesale markets.
In these markets, the goods are bought by the retailers, who sell them at their own shops.
The consumers buy their goods from these retailers.
ConsumersPage No 67:
Question C.2:
Can buying and selling take place without going to the market? Explain with suitable examples.
Answer:
Markets are places where buying and selling of goods and services takes place. In recent times, with the advent of technology, markets have changed drastically. Now, the buyers and sellers do not have to go to shops for buying and selling. Through the use of the Internet, buying and selling can be done online. Payments can be made via credit cards and Internet banking. Examples of such e-commerce initiatives are Amazon.com, flipkart.com, ebay.com, etc.
Use of smart phones to place orders is further eliminating the need to physically visit the shops. Sometimes, the agents of the company can visit the homes of the consumers directly to sell their goods. Medical representatives who visit doctors to demonstrate a sample of their medicines is one such example. Thus, we can say that buying and selling does not necessarily have to take place by visit the shops; there are other means of trading as well, such as the Internet, phones and door-to-door selling.
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