Markets Around Us

What are Markets?

• A market is a place where a purchaser and vender engage in the buying and selling of goods.
• It establishes a connection between the producer and the consumer.

Weekly Market

• A weekly market is held on a specific day of the week.
• Goods are available at cheaper rates because these markets do not have permanent buildings.
• This means they avoid paying rent, electricity bills, government fees, and other additional expenses.
• A large number of shops sell the same goods, leading to competition among sellers.

Shops in the Neighbourhood

• Some are permanent shops, while others are roadside stalls like vegetable hawkers, fruit vendors, and mechanics.
• These shops are close to home and are accessible any time.
• Usually, the buyer and seller know each other and often provide goods on credit.

Shopping Complexes and Malls

• Urban areas have markets with many shops, popularly called shopping complexes.
• You can find both branded and non-branded goods in these markets.

Chain of Markets

• Consumers don’t usually buy directly from the factory or farm.

Traders

• Traders act as intermediaries between the producer and the final consumer.
• The wholesale trader buys goods in large quantities.
• Buying and selling occurs primarily between traders in these markets.
• This chain ensures goods reach faraway places.
• The trader who sells to the end-user is called a retailer.

Markets Everywhere

• Markets operate in specific localities and have set timings.
• People now place orders over the phone or Internet, and goods are delivered at home.
• Sales representatives also promote products in clinics and nursing homes.
• Thus, buying and selling happens in various ways, not just through physical shops.

Markets and Equality

• Shop owners in a weekly market and those in a shopping complex are very different economically.
• The weekly trader earns less than a regular shop owner in a mall or complex.

MCQs

1. Who buys the bales

(a) Retailers

(b) Grocery shop

(c) Spinning mill

(d) Ginning mill

► (c) Spinning mill

2. If the weavers were to buy yarn on their own and sell cloth, they would probably earn

(a) Three times more

(b) Five times more

(c) Four times more

(d) Two times more

► (a) Three times more

3. Order of Chain of marketing

(a) Producer-Agents -Retailer- Wholesaler

(b) Agents- Producer -Wholesaler-Retailer

(c) Producer-Wholesaler-Retailer-Agents

(d) Producer-Agents-Wholesaler-Retailer

► (d) Producer-Agents-Wholesaler-Retailer

4. Erode market is situated in

(a) Kerala

(b) Andhra Pradesh

(c) Odisha

(d) Tamil Nadu

► (d) Tamil Nadu

5. Collecting ____ item has become status symbol

(a) Free

(b) Cheap

(c) Branded

(d) Natural

► (c) Branded

6. ______ spins the cotton into yarn

(a) Trader

(b) Ginning

(c) Seller

(d) Spinning

► (d) Spinning

7. Who are seller in the weekly market

(a) Businessmen

(b) Large sellers

(c) Small traders

(d) Industrialist

► (c) Small traders

8. _____ Government runs a Free School Uniform programme in the state. The government procures the cloth for this programme from the powerloom weaver’s cooperatives.

(a) Tamil Nadu

(b) Kerala

(c) Andhra Pradesh

(d) Delhi

► (a) Tamil Nadu

9. Who among the following sell goods at higher price than other in the chain market

(a) Producer

(b) Retailer

(c) Agent

(d) Wholesaler

► (b) Retailer

10. The final product reaches the buyers through a

(a) Consumers

(b) Agents

(c) Chain of market

(d) Wholesaler

► (c) Chain of market

11. Who finally sell goods to consumer

(a) Producers

(b) Wholesaler

(c) Retailer

(d) Agents

► (c) Retailer

12. On looms yarn is woven into

(a) Saree

(b) Bale

(c) Cloth

(d) Cotton

► (c) Cloth

13. Erode is a

(a) Stationary market

(b) Vegetable market

(c) Fruit market

(d) Cloth market

► (d) Cloth market

14. Seller of weekly market earn ___ than the seller of the mall

(a) Less

(b) More

(c) Extremely larger

(d) Equal to

► (a) Less

15. Which of the following things will not find in a weekly market

(a) Branded clothes

(b) Groceries

(c) Non-branded clothes

(d) Vegetables

► (a) Branded clothes

16. The arrangement between the merchant and the weavers is an example

(a) Sitting-out system

(b) Putting-out system

(c) Put-out system

(d) Taking-out system

► (b) Putting-out system

17. Who gain by exploiting the craftsmen and pay lower prices for their goods and services

(a) Businessmen

(b) Intermediaries

(c) Consumers

(d) Buyers

► (b) Intermediaries

18. Commercial paper issued with low interest rate thus commercial paper are categorized as

(a) payables rating

(b) commercial rating

(c) poor credit rating

(d) better credit rating

► (d) better credit rating