Markets Around Us – Complete Guide For Class 7 Social Science Chapter 7

Welcome to iPrep, your learning super app. Our learning resources for the Markets Around Us chapter in Social Sciences for Class 7th are designed to ensure that you understand this concept with clarity and completeness. Whether you are studying for an upcoming exam or strengthening your concepts, our engaging animated videos, practice questions and notes provide you with the best opportunity for integrated learning with interesting explanations and examples.

Understanding Markets Around Us for Class 7th is fundamental to understanding basic Social Sciences. This chapter provides information about markets around us and their various types.

Objectives of Learning the Chapter: Markets Around Us – CBSE Class 7th Social Science

There are various objectives of learning the chapter Markets around us. Some of them include-

• Understand the concept of a market and its role in connecting producers and consumers.
• Identify different types of markets, such as weekly markets, neighborhood shops, shopping complexes, and online markets.
• Learn how various markets function, including their characteristics, advantages, and limitations.
• Recognize the importance of markets in everyday life, fulfilling needs for daily and essential items.
• Comprehend the chain of markets and how goods move from producers to consumers through traders and wholesalers.
• Analyze the concept of market and economic equality, understanding how different markets cater to diverse social groups and economic backgrounds.
• Explore the influence of modern trends, like online shopping, on traditional market structures.
• Develop a foundational knowledge of economic interactions and market structures as part of Social Sciences for Class 7th.

Basic Concept of Markets

A market is a place where buyers and sellers are involved in the sale and purchase of goods. It establishes a link between the producer and the consumer, Here the essential goods of our daily life are easily available. 

People choose different markets as per their requirements and the profit earned in different markets is different. It depends on the type of investment made by the seller and the purchasing capacity of the customer. In the present time, the trend of online marketing and home delivery is very fast. In which the consumer can easily buy and sell goods across the country and abroad.

There are different types of markets, such as – Weekly markets, Shops, Shopping complexes, and Malls. 

Let us know these markets in detail-

Weekly market

The weekly market is held on a specific day of the week. The shops in this market are permanent or temporary. There are thousands of such markets in India where people come for their daily needs. In the weekly market, shops are set up throughout the day and they are closed in the evening. Many things are available here at cheap rates. In this type of market, there are a large number of shops selling the same goods. Another advantage of weekly markets is that most of the things needed are available in one place. 

In this chapter ‘Markets Around Us chapter in Social Sciences for Class 7th’ we learned that in the weekly market, we get vegetables and such items that we buy for the week’s use, but from where can we buy items of daily use like milk, bread, let us find out-.

Neighbourhood shops

Neighborhood shops buy and sell everyday essential items like milk, bread, curd, chips, etc. There are many shops in our neighborhood which sell goods and services. These shops are very useful to us as they are near our house and we can go there any day of the week. Since these shops are from our neighborhood, we can easily get credit at these shops.

For daily use items we can depend on the shops around us but if we need something essential then where will we go? Let’s find out.

Shopping complexes

There are other markets in urban areas that have many shops in one place which are called ‘shopping complexes’. These types of shops are multi-storeyed and luxurious. Shopping complexes sell branded and non-branded goods and invest huge amounts of money in their shops. 

In this lesson, Markets Around Us chapter in Social Sciences for Class 7th Let us find out where all these shopkeepers get their goods from –

Chain of markets

The goods we see in shops and markets are produced in factories, farms, and homes. The people between the producer and the final consumer are traders. Traders buy goods in bulk from these producers and sell them to other small traders. The wholesaler gives it to traders who sell it to the consumer. In this way, a chain is formed.

Apart from all these markets, there is another market on which the young generation has become dependent on online buying/selling. This is –

Market everywhere

Do you know that it is not always necessary to go to the market to buy goods? You can order many things by phone and Internet. The goods are delivered to your home.

Market and Equality

We have seen small traders struggling to run their shops with little money while some can spend a lot of money to open a shop and earn too. Many are not able to buy the cheapest goods while others are busy shopping in malls. There are markets that we may not know about. This is because a large number of goods are bought and sold that we do not use directly. A car factory buys engines, gears, petrol tanks, wheels, etc. from many other factories. We do not usually see such buying and selling.

In this chapter ‘Markets Around Us chapter in Social Sciences for Class 7th’ we learnt that There are different types of markets in society. We can use them according to our needs.

Let’s Conclude

In conclusion, the “Markets Around Us” chapter in Social Sciences for Class 7th has provided a comprehensive understanding of the different types of markets we encounter in our daily lives. From weekly markets and neighborhood shops to large shopping complexes and the online market, each type plays a unique role in connecting buyers and sellers. This chapter helps Class 7th students see how markets function and how they impact our economy and daily lives.

Through learning about “Markets Around Us” for Class 7th, students can better appreciate the diversity in market structures and the role each plays in meeting consumer needs. As you continue exploring Social Sciences with iPrep, remember that the knowledge gained in “Markets Around Us” for Class 7th is just the beginning of understanding how interconnected our world truly is.