Extra and Important question Answers Chapter 12 Understanding Market Class 7 Social Science
In Text Questions:
1. What are markets and how do they function?
Markets are places (physical or virtual) where buyers and sellers exchange goods or services.
They function through demand from buyers and supply from sellers.
Transactions take place at an agreed price after negotiation.
Markets can be local, national, international, physical, or online.
Examples include weekly markets, malls, apps like Amazon, etc.
2. What is the role of markets in people’s lives?
Markets provide access to goods and services we can’t produce ourselves.
They create employment for manufacturers, sellers, and transporters.
Markets enable economic exchange and social interaction.
They help in price discovery through demand and supply.
In some cases, they preserve cultural practices and traditions (e.g. Ima Keithal).
3. What role does the government play in markets?
It regulates prices of essential goods and services (like medicines, grains).
Ensures fair trade practices and quality control through marks like ISI, FSSAI.
Protects consumers’ rights and promotes public goods (parks, roads).
Controls harmful practices (e.g. bans on single-use plastic).
Sets minimum wages and support prices for farmers.
More In Text:
4. How can consumers assess the quality of goods and services they purchase?
Look for certification marks:
FSSAI for food,
ISI for electronics/construction items,
AGMARK for agricultural goods,
BEE Star for energy-efficient electronics.
Check product labels (MRP, expiry, ingredients, etc.).
Read online reviews and ask for recommendations.
Inspect the item in physical markets for quality.
5. Can you imagine what this bazaar must have looked like during its peak?
It would be bustling with sellers and buyers from all over.
Stalls selling grains, silk, animals, jewels, and more.
Craftsmen working in public streets.
A vibrant place of trade, culture, and communication.
6. Do you know of any old markets from your state? How would they be similar or different from today’s markets? Discuss with elders in the family and community.
Example: Charminar Bazaar (Hyderabad), Johari Bazaar (Jaipur), etc.
Similarities: Crowded, face-to-face interaction, vibrant local culture.
Differences: Today’s markets also exist online, offer digital payment, and have modern packaging.
Extra Questions:
7. Can you think of a type of market where negotiation is less common and why?
Answer:
Supermarkets, malls, and online stores have fixed prices.
Prices are pre-decided by companies or listed on websites.
There is no scope for bargaining due to uniform pricing policy.
8. Vegetables are sold cheaper late at night at the weekly market compared to during the day. Why do you think this is so?
Answer:
Sellers want to clear unsold stock before packing up.
Perishable goods like vegetables lose freshness quickly.
They lower prices to avoid wastage and attract buyers.
9. What do you think are the pros and cons of online and physical shopping respectively? Explore this question from the point of view of both, sellers and buyers.
Answer:
Online Shopping:
Pros: Convenience, home delivery, wider choices.
Cons: Can’t touch/test items, risk of fraud.
Physical Shopping:
Pros: Immediate purchase, inspection of goods.
Cons: Time-consuming, limited variety.
Sellers’ View:
Online: Access to a wider customer base.
Physical: Personal customer relationships, local trust.
More Question Answers:
10. Some services require in-person contact like tailoring and cannot be provided online. Can you suggest other services where physical markets are needed?
Answer:
Haircuts (salons/barbers),
Medical checkups (clinics),
Car repairs (garages),
House cleaning,
Event planning and décor.
11. Observe the diagram and describe the flow of goods from the manufacturer / producer to the consumer. What is the role of the wholesaler and the retailer in the flow?( refer page 257).
Answer:
Producer/Manufacturer → Wholesaler → Retailer → Consumer
Wholesaler’s Role: Buys in bulk from producers and stores goods.
Retailer’s Role: Buys from wholesalers and sells in smaller quantities to consumers.
12. Onions are an important part of the cuisine in most parts of India. In some seasons, the supply of onions comes down in the market. What do you think happens to the price of onions when this happens?
Answer:
Prices rise due to shortage.
Demand remains the same, but supply is low.
Consumers pay more; sellers make higher profits.
Extra:
13. What will happen if the people supplying onions do not bring the required quantities to the market? What do you think the government should do in this situation? Garment stores offer heavy discounts on woollen clothing at the end of the winter season. Why does this happen?
Answer:
Import onions,
Release buffer stocks,
Subsidise prices,
Encourage farmers with better support prices.
(b) Why do stores offer discounts at end of season?
To clear seasonal stock.
Reduce storage costs.
Make room for new inventory (e.g., summer clothes after winter).
14. What are the other areas where you can see the government being involved in the markets?
Answer:
Transport and infrastructure for goods.
Education and health as public services.
Standardisation and certifications.
Taxation and subsidies.
Environmental protection laws (e.g. banning polluting factories).
15. Are there areas where government intervention needs to be reduced? Discuss with family or relatives.
Answer:
Yes, where too many regulations delay business operations.
Example: Small traders facing paperwork burden.
Discuss with elders: Many believe government should ensure fairness but avoid excessive control.
To Learn More In Text Questions Click Below:
Chapter 3- Climates of India
Chapter 4- New Beginnings: Cities and States
Chapter 5-The Rise of Empires
Chapter 6- The Age of Reorganisation
Chapter 7- The Gupta Era: An Age of Tireless Creativity
Chapter 8- How the Land Becomes Sacred
Chapter 9 –From the Rulers to the Ruled: Types of Governments
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MCQs:
Chapter 1- Geographical Diversity of India
Chapter 2- Understanding the Weather
Chapter 3- Climates of India
Chapter 4- New Beginnings: Cities and States
Chapter 5- The Rise of Empires
Chapter 6- The Age of Reorganisation
Chapter 7 – The Gupta Era: An Age of Tireless Creativity
Chapter 8- How the Land Becomes Sacred
Chapter 9 –From the Rulers to the Ruled: Types of Governments
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NCERT Solutions:
Chapter 1- Geographical Diversity of India
Chapter 2- Understanding the Weather
Chapter 3- Climates of India
Chapter 4- New Beginnings: Cities and States
Chapter 5–The Rise of Empires
Chapter 6- The Age of Reorganisation
Chapter 7 – The Gupta Era: An Age of Tireless Creativity
Chapter 8- How the Land Becomes Sacred
Chapter 9 –From the Rulers to the Ruled: Types of Governments