Civics- Indian Markets
1. What is a market?
A market is essentially, a place where goods and services are exchanged between buyers and sellers; directly or indirectly; for money.
2. Who are a producer and a consumer?
People who make goods are known as producers and people who use the goods are known as consumers.
3. Name the two types of markets?
retail and wholesale
4. Identify the various types of retail markets.
Weekly market and general and speciality stores.
5. Who are retailers?
The producer or the trader directly sells the products to the consumer for his personal use. People who have retail shops are known as retailers.
6. What are general stores?
Some shops which sell different things such as grocery, stationery, etc, under one roof are known as general stores.
7. What is a departmental store?
Departmental stores: variety of goods, arranged and organised into different departments such as clothing, food, shoes, books, toys, etc.
8. What are wholesale markets?
Wholesale markets are those where goods are bought in large quantities from the manufacturers to be sold to other businesses rather than the individual customers.
9. Describe the role of the wholesaler.
Wholesalers are middlemen who buy and stock the products and then sell it to the retailers.
10. Who are wholesalers?
People who are engaged in wholesale markets are known as wholesalers.
11. Analyse the market chain.
Wholesale traders buy products from producers, stock them and sell them to other traders throughout the country. The other traders again store them in a go down and sell them to the retailers from whom consumers buy the products. It is through these traders that goods are distributed throughout the country. This is known as the market chain.
12. Name some other markets which are not conventional.
Consumers can shop online 24X7 with the help of credit and debit cards.
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