CHAPTER 23 MARKETS AROUNDS US

                             CHAPTER 23

                 MARKETS AROUNDS US

(D)ANSWER THE FOLLOWING  QUESTIONS-

1.Define a market. Name different kinds of markets.

Answer- Commonly, market is a place having shops selling vegetables, cloths, stationery etc. In exact term, market can be defined as a place where buyers and sellers engage in the activity of sale and purchage of goods.

There are two main types of markets-

(a)Wholesale markets

(b)Retail markets

2.State the result of competition among workers.

Answer-Competition among workers tends to lower the wages.

3.Why is there a difference in prices between a wholesale and retail market?

Answer-Wholesale Market-Buys directly from the producers or manufactures.

Retail Market-Buys from the Wholesaler and adds the cost of transportation, investment of money, time, storage charge and profit on the prices between of goods. 

So, there is a difference in prices between a Wholesale and Retail Market.

4.Mention three benifits of shopping in a weekly market.

Answer-There benifits of shopping in a weekly market are-

a) The goods are cheaper.

b)Most things of daily use are available at one place.

c)The customers are free to bargain.

5.What is economic inequality?

Answer-Economic inequality means inequality of economic assets and incomes.

(E)ANSWER THE FOLLOWING  QUESTIONS-

1.Explain the terms 'demand' and 'supply' with an example from own daily life.

Answer-The demand for a good is defined as an amount of commodity for which people are willing to pay and buy. Supply of a good is the  quantity that the suppliers are willing to put in the market. When the price goes down, the supply also down.

2.Describe the role played by the government in protecting the interests of all section of the society.

Answer- Our government has taken many steps to protect the interests of the people-

a)The government has fixed minimum wages.

b)Opening employment exchange to register names of unemployed candidates.

c)The government ensures the distribution of rice, wheat, suger and kerosene at a responsable rate for the poor.

d)The government also announces the support price for the crops.

e)The government also provides electricity, irrigational facilities, technical assistance, loan and insurance facilities at subsidised rates.

3.Do you different types of goods from different markets? Support your answer with two examples.

Answer- Yes, we buy different types of good from different markets. The two examples are as follows-

a) We go to wholesale market if we have to buy a large quantity of rice, wheat etc. We go to retailer if we have to buy small quantity of rice, wheat etc.

b)If we have to buy copies in bulk, we go to the wholesaler if one or two pieces we go to retailer.

4.How does market create inequality that harm democracy?

Answer-Markets have different section like malls, weekly market etc, which are popular among people of different sections. Malls are prefered by the rich and weekly markent is prefered by the poor. In this way it creates inequality that harm the democracy.

5.Compare the price of a plastic bucket from a weekly market and a mall. What are the reasons behind the different in prices and why?

Answer-The price of a bucket in weekly market is cheaper then the price of same bucket in a mall as it includes taxes electricty change, maintenance labour charge etc. The shopkeeper of weekly market do not have to pay these extra charges.