- Answer: Shops in the neighbourhood are useful in many ways.
- They are near our home and we can go there on any day of the week.
- Usually, the buyer and seller know each other and these shops also provide goods on credit.
Then, What is neighbourhood market Class 7? 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.
however, What is market Class 7 very short answer?
A market is where buyer and seller are involved in the sale and purchase of goods. It establishes a link between the producer and the consumer. There are different kinds of markets namely; weekly market, shops, shopping complex or mall.
What are the advantages of weekly markets Class 7 short answer? Things in a weekly market are cheaper because: Shopkeepers do not spend much in terms of rent for shop, electricity, wages to workers or packaging of goods. The sellers store goods at home and have vehicles to move around. Their family members help them to produce or sell goods.
Yet, What is the importance of markets Class 7? It helps in developing economic resources of the country. It attempts to satisfy customers’ needs by designing products as per the demands of the market. It generates revenue in the process of buying and selling and brings in profits. It makes large-scale production of goods possible, which is very cost-effective.
Why do we need market Class 7?
Markets Around Us Class 7 Notes Social Science Civics Chapter 8. A market is where buyer and seller are involved in the sale and purchase of goods. It establishes a link between the producer and the consumer. There are different kinds of markets namely; weekly market, shops, shopping complex or mall.
What are the benefits of marketing Class 7?
It helps in developing economic resources of the country. It attempts to satisfy customers’ needs by designing products as per the demands of the market. It generates revenue in the process of buying and selling and brings in profits. It makes large-scale production of goods possible, which is very cost-effective.
How are shops in our neighbourhood useful for us Class 7?
Shops in the neighbourhood are useful in many ways. They are near our home and we can go there on any day of the week. Usually, the buyer and seller know each other and these shops also provide goods on credit. This means that you can pay for the purchases later, as we saw in Sujata’s case, for example.
In what ways shops in neighbourhood are beneficial give three points in support of your answer?
Shops in our neighbourhood are useful for us in many ways.
- They are near our home.
- We can go there on any day of the week and at any time.
- Usually the buyer and seller know each other.
- These shops also provide goods on credit.
What types of market are there?
The five major market system types are Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition and Monopsony.
What are different types of shops in the neighbourhood?
The different kinds of shops found in my neighbourhood are dairy, general stores, stationeries, clothes, eatables, medicines and roadside stalls of a vegetable hawker, the fruit vendors, the mechanic, etc. We purchase milk, groceries, stationery items, eatables, medicines, vegetables, fruits, etc.
How do market chains work?
A chain of markets is formed when a number of traders supply goods from the producers to the consumers. We thus have wholesale markets where other dealers buy the goods in bulk. These dealers then sell the goods in weekly markets to consumers and thus a chain of markets is formed.
Why do we go to weekly market give three reasons?
Answer: People go to weekly markets because of the following reasons : Most of the things they need are available at one place. There is competition among sellers because of a large number of shops selling the same goods. It provides an opportunity to buyers to bargain.
