CBSE Notes Class 7 Social Science Civics Chapter 7 - Markets Around Us

Introduction to Markets:

• A market is a place where buyers and sellers come together to exchange goods and services.
• Markets can be physical (like a local market) or virtual (online marketplaces).
• Different types of markets include local markets, wholesale markets, and global markets.

Goods and Services:

• Goods are tangible products that can be seen and touched (e.g., books, clothes).
• Services are intangible activities performed by individuals or businesses (e.g., haircuts, transportation).

Producers and Consumers:

• Producers are individuals or companies that produce goods and services.
• Consumers are individuals who purchase and use goods and services.
• Consumers play a crucial role in shaping the market by their choices and demands.

Buying and Selling:

• Buying refers to the act of acquiring goods and services in exchange for money or other forms of payment.
• Selling involves offering goods and services to others in exchange for money.
• Prices are determined based on the interaction between buyers and sellers in the market.

Market as a System:

• Markets are dynamic systems influenced by factors such as demand, supply, competition, and government policies.
• Demand refers to the quantity of a good or service that consumers are willing to purchase at a given price.
• Supply refers to the quantity of a good or service that producers are willing to offer at a given price.

Market Expansion and Globalization:

• Globalization has expanded markets by facilitating trade between countries.
• It has increased the availability of goods and services from around the world.
• Globalization has also led to competition between local and global products.

Regulation of Markets:

• Governments play a role in regulating markets to ensure fair practices and protect consumer rights.
• Government regulations include quality control, consumer protection laws, and price regulation. 

Weekly bazaar.

• A weekly market is referred to as such because it occurs on a specific day of the week.
• Either fixed or mobile stores are possible. There might be a variety of things available, and sometimes you can buy them with credit.
• This type of market is prevalent in India. Additionally, people come here to fulfill their daily needs.
• The option is available for retailers to open their stores during the day and close them at night.
• In a weekly market, you can typically find a wide variety of items for less money.
• At weekly markets, there were multiple stores selling the same product, which created a hostile environment for one another.
• Weekly markets have the advantage of conveniently offering a range of necessities in one place.

The neighborhood's stores

• In our neighborhood, there are several stores that offer both goods and services.
• We purchase milk from the dairy, the grocery store, and occasionally from the department stores close to us.
• These stores are also convenient for us because we can visit them any day of the week and they are close to our home.

Shopping Complexes

• There are several other markets in the urban areas that consist of many shops all at one place called a shopping complex.
• Malls sell branded & non branded goods and invest a huge amount of money in their shops.

A series of markets

• Traders are the individuals who stand between the producer and the final consumer.
• The producer is the one who creates the goods. The wholesaler is the one who purchases these things from him. The traders in turn give it to the wholesaler, who ultimately gives it to the customer.
• The retailer is another name for this trader.
• The retailer could be a hawker, a vendor at a weekly market, or the proprietor of a nearby store in the mall.

Markets Throughout

• Every market in space operates in a specific way and at a certain moment.
• The buying and selling of products takes place in several ways. It might or might not be through stores in the market.
• Even some markets may exist that we are completely unaware of. This is due to the fact that many products that we don't directly utilize are also bought and sold here. For instance, a vehicle manufacturing might buy engines, components, gears, gasoline, wheels, etc. from different factories. However, it's possible that we won't learn anything about the makers or sellers who are engaged.
• The various markets that we see all around us, include malls, retail centers, and booths that are prevalent in our area.