Question 1.
Where all do we see advertisements?
(a) Televisions
(b) newspapers
(c) magazines
(d) All of these

Question 2.
Advertisements draw our attention towards
(a) products
(b) brands
(c) brand values
(d) all of them

Question 1.
Why do we go to markets?
Answer:

We go to market to buy many things.
They are vegetables, soap, toothpaste, masala, bread, rice, daal, clothes, notebooks, biscuits etc.
The list of our purchases is really long.
Question 2.
Describe different kinds of markets.
Answer:

There are many kinds of markets that we go for our everyday needs.
They include shops, hawker’s stalls in our neighbourhood, a weekly market, a large shopping complex, perhaps even a mall.
Notes: What are different types of markets?
How do the goods reach the consumers?
What the issues related to buying and selling?

Weekly market

Question 1.
Why is a weekly market called so? How do they work?
Answer:

A weekly market is called so because it is held on a specific day of the week.
Weekly markets do not have permanent shops.
Traders set up shops for the day.
They close them up in the evening.
They set up at a different place the next day.
There are thousands of such markets in India. People come here for their everyday needs.
Question 2.
Why are things cheaper in weekly markets?
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.
There are many sellers of the same product so, there is competition among them.
In weekly markets people bargain to bring the prices down.
Question 3.
What is effect of competition in weekly markets?
Answer:
Weekly markets have many shops selling same goods, so there is a competition between them. People have a choice to the vendor selling at low price. Thereby buyer can bargain and bring the price down.

Question 4.
What are the advantages of weekly markets?
Answer:
People go to the weekly market because of the following reasons:

They get all things of their use at one place.
The prices are less and bargaining can be done.
They can buy goods in smaller quantities.
People prefer weekly market because they get variety and choice of goods.
Question 5.
How and when does Sameer do good business?
Answer:

Sameer is a small trader in the weekly market.
He buys clothes from a large trader in the town and sells them in six different markets in a week.
He and other cloth sellers move in groups.
They hire a mini-van for this.
His customers are from villages that are near the market place.
At festival times such as during Deepawali or pongal, he does good business.
Shops in the Neighbourhood

Question 1.
What are different types of shops in the neighbourhood?
Answer:
Weekly markets offer variety of goods. There are other markets also like many shops sell goods and services in the neighbourhood.

Chemist / physician
Tailor / dry cleaner / garment shop
Grocery / departmental store
Hair Saloon/ florist/ sweet shop
We buy milk, groceries, stationary, eatables, medicines etc. Many of these are permanent. Some of them are roadside hawkers selling vegetables, fruits or flowers.

Question 2.
How are shops in our neighbourhood useful for us?
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.
Question 3.
Define the term credit.
Answer:
In the neighbourhood markets people purchase goods without paying at that time and the shopkeeper notes it down. People pay at a later date when they have the money. This system is useful for low income group people.

Question 4.
What are the two types of sellers in our neighbourhood?
Answer:
There are different kinds of sellers even in our neighbourhood markets.

Some of them have permanent shops.
The others sell their goods on the roadside, as hawkers.
Some move from one house to another to sell their goods.
Some make home delivery of goods free of cartage charges.
Question 5.
How are the neighbourhood shops managed?
Answer:
Neighbourhood shops are generally managed by the owner with helpers.

The owners take the list of the items required. The helpers weigh and pack the things
The billing is done by the owner.
These shops have different products of different brands
They are organised on shelves which are easily visible to the customer
Question 6.
How did Sujata make purchases? How does she make payments?
Answer:

It took almost 20 minutes to weigh and pack all the groceries.
Then Sujata showed her notebook.
The woman noted an amount of ₹ 1550 in the notebook and gave it back.
She also noted the amount in her big register book.
With the heavy bags both moved out of the shop. Sujata’s family shall make the payment for the purchases in the first week of the next month.
Shopping Complexes and Malls

NOTES: Urban areas have another type of markets like shopping complex Anzal Plaza

They have glass lifts and escalators
Different type of shops selling variety of branded items
One can get anything from ice cream, pizza, footwear, home appliances to leather goods
They sell branded goods. Shops have security guards
Goods are generally costly here.
Question 1.
Why did the guard think of stopping Kavita and Sujata from entering the shop?
Answer:

He wanted to stop Kavita and Sujata from entering the shop because he was not sure that they would buy goods from this shop.
I would say that I want to buy goods even if they are costlier.
Question 2.
Describe shopping complexes and malls.
Answer:
Shopping Complexes and Malls

There are other markets in urban areas.
They have many shops, popularly called shopping complexes.
These /lays in many urban areas there are large multi-airconditioned buildings with shops on different floors.
They are known as malls.
In these urban markets, we get both branded and non-branded goods.
They have restaurants and eating places.
They have multilevel parking.
They may have multiplex theatres.
Question 3.
Why are branded goods expensive?
Answer:
Branded goods are expensive because they are advertised and claims better quality. The companies producing these sell them through shops in urban markets or special showrooms.This further add to their cost. Few people can afford to buy branded goods.

Chain of Markets

Question 1.
From where do you think shop owners procure their goods?
Answer:

Goods are produced in Factories, on farms and in homes.
We do not buy them directly from the factory or from the farm.
Producers are not interested in selling us goods in small quantities like one kilo
of vegetables or one plastic mug.
The people in between the producer and the final consumer are traders.
The wholesale trader first buys goods in large quantities.
Examples:

Vegetable wholesale trader does not buy a few kilos of vegetables. He buys them in bulk quantities. He sells them to retailers.
A retailer purchases vegetables in bulk from the wholesale trader. He sells them in small quantities to the consumers at higher rates.
Question 2.
Who is a retailer?
Answer:
In the markets buying and selling takes place between the traders. Through these traders the goods reach faraway places. The trader who finally sells the goods to consumer is the retailer. This could a in weekly market, a hawker or in a shopping complex.

Question 3.
How is chain of markets set up?
Answer:
Chain of markets has visible and invisible links.

Wholesalers buy the products in bulk directly from the producers.
Every city has areas with wholesale market from where the goods are supplied to other traders.
Retailers buy goods in smaller quantities from the wholesalers and take them to different parts of the city.
The road side hawkers further purchase these goods either from a wholesaler or a retailer to sell it in particular localities.
Wholesale trader bought large quantity of goods from factory or producers and store them in godowns.
In this way a chain of markets is set up through which the goods finally travel to reach us.
Certain services are also sold like this e.g., representatives of various companies go to the retailers or sometimes directly to the consumer to sell their products.
Chain of Markets serves the following purposes

Factories and wholesalers need not find consumers of their goods.
Several people get benefited.
Consumers get goods of their needs in small quantities.
They get goods from their nearby places, they do not need to walk long distances.
Factories and wholesalers do not sell goods in small quantities. It saves time and energy of the factory owners and the wholesalers.
Question 4.
What do the terms wholesale and retail refer to?
Answer:
Wholesale refers to buying or selling goods in large quantity like fruits, vegetables, flowers, kitchen items etc.
Retail means buying the goods in smaller quantity from the wholesaler and sell it in the local markets to the consumers.

NOTES: STORY OF AFTAB – Wholesaler In The City

Aftab a wholesaler starts his business around 2.am
Vegetables reaches the mandi from nearby areas
He participates in the auction for selecting which vegetables to buy
He stores these vegetables in his shop and further sells it to hawkers or shopkeepers.
These retailers come to the mandi around 6 am and reach their own areas by 10 in the morning.
Markets everywhere

Question 1.
Describe the various ways of selling and purchasing of goods.
Answer:

There are different market places where people buy and sell a variety of goods and services.
All these markets are in a specific locality.
They work in a particular manner and time.
These days it is not always necessary to go to market to purchase goods.
Orders can be placed for a variety of things through the phone and through the Internet.
Goods are delivered at the customer’s home.
In clinics and nursing homes, sales representatives come to take order for supplying medicines.
Sales representatives are also engaged in the selling of goods. Thus, buying and selling of goods takes place in different ways.
Question 2.
Give an account of those things which we do not directly use.
Answer:

We can recognise markets easily.
There are also such markets that we do not know.
A large number of goods are bought and sold that we do not use directly.
Examples
A farmer uses fertilizers to grow crops.
He purchases them from special shops in the city.
These shops get them from factories.
Likewise a car factory purchases engine, gears, petrol tanks, axles, wheels etc. from various other factories.
We do not usually see all the buying and selling of these ancillaries but only the final product—the car in the showroom.
The story is similar for any other good.
Markets And Equality

Question 1.
Discuss the relationship between markets and equality.
Answer:
There are two types of sellers in the market, one in the weekly market and other in the shopping complex.
Small trader has little money whereas the other has more money to set up their shops. They earn unequal amounts. The weekly market traders earns little as compared of a regular shop owner in a shopping complex.
Even buyers are also differently placed. There are some who can not afford cheapest of goods and some shop in malls.
Therefore these markets depend on money as buyers or sellers.

Question 2.
How does chain of markets works?
Answer:
Goods go through a chain of markets before reaching the consumer. Goods produced at one place reaches different areas through chain of markets. Selling of new products encourages productions and new earning opportunities.

Question 1.
Why do we go to markets?
Answer:

We go to market to buy many things.
They are vegetables, soap, toothpaste, masala, bread, rice, daal, clothes, notebooks, biscuits etc.
The list of our purchases is really long.
Question 2.
Describe different kinds of markets.
Answer:

There are many kinds of markets that we go for our everyday needs.
They include shops, hawker’s stalls in our neighbourhood, a weekly market, a large shopping complex, perhaps even a mall.
Notes: What are different types of markets?
How do the goods reach the consumers?
What the issues related to buying and selling?

Weekly market

Question 1.
Why is a weekly market called so? How do they work?
Answer:

A weekly market is called so because it is held on a specific day of the week.
Weekly markets do not have permanent shops.
Traders set up shops for the day.
They close them up in the evening.
They set up at a different place the next day.
There are thousands of such markets in India. People come here for their everyday needs.
Question 2.
Why are things cheaper in weekly markets?
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.
There are many sellers of the same product so, there is competition among them.
In weekly markets people bargain to bring the prices down.
Question 3.
What is effect of competition in weekly markets?
Answer:
Weekly markets have many shops selling same goods, so there is a competition between them. People have a choice to the vendor selling at low price. Thereby buyer can bargain and bring the price down.

Question 4.
What are the advantages of weekly markets?
Answer:
People go to the weekly market because of the following reasons:

They get all things of their use at one place.
The prices are less and bargaining can be done.
They can buy goods in smaller quantities.
People prefer weekly market because they get variety and choice of goods.
Question 5.
How and when does Sameer do good business?
Answer:

Sameer is a small trader in the weekly market.
He buys clothes from a large trader in the town and sells them in six different markets in a week.
He and other cloth sellers move in groups.
They hire a mini-van for this.
His customers are from villages that are near the market place.
At festival times such as during Deepawali or pongal, he does good business.
Shops in the Neighbourhood

Question 1.
What are different types of shops in the neighbourhood?
Answer:
Weekly markets offer variety of goods. There are other markets also like many shops sell goods and services in the neighbourhood.

Chemist / physician
Tailor / dry cleaner / garment shop
Grocery / departmental store
Hair Saloon/ florist/ sweet shop
We buy milk, groceries, stationary, eatables, medicines etc. Many of these are permanent. Some of them are roadside hawkers selling vegetables, fruits or flowers.

Question 2.
How are shops in our neighbourhood useful for us?
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.
Question 3.
Define the term credit.
Answer:
In the neighbourhood markets people purchase goods without paying at that time and the shopkeeper notes it down. People pay at a later date when they have the money. This system is useful for low income group people.

Question 4.
What are the two types of sellers in our neighbourhood?
Answer:
There are different kinds of sellers even in our neighbourhood markets.

Some of them have permanent shops.
The others sell their goods on the roadside, as hawkers.
Some move from one house to another to sell their goods.
Some make home delivery of goods free of cartage charges.
Question 5.
How are the neighbourhood shops managed?
Answer:
Neighbourhood shops are generally managed by the owner with helpers.

The owners take the list of the items required. The helpers weigh and pack the things
The billing is done by the owner.
These shops have different products of different brands
They are organised on shelves which are easily visible to the customer
Question 6.
How did Sujata make purchases? How does she make payments?
Answer:

It took almost 20 minutes to weigh and pack all the groceries.
Then Sujata showed her notebook.
The woman noted an amount of ₹ 1550 in the notebook and gave it back.
She also noted the amount in her big register book.
With the heavy bags both moved out of the shop. Sujata’s family shall make the payment for the purchases in the first week of the next month.
Shopping Complexes and Malls

NOTES: Urban areas have another type of markets like shopping complex Anzal Plaza

They have glass lifts and escalators
Different type of shops selling variety of branded items
One can get anything from ice cream, pizza, footwear, home appliances to leather goods
They sell branded goods. Shops have security guards
Goods are generally costly here.
Question 1.
Why did the guard think of stopping Kavita and Sujata from entering the shop?
Answer:

He wanted to stop Kavita and Sujata from entering the shop because he was not sure that they would buy goods from this shop.
I would say that I want to buy goods even if they are costlier.
Question 2.
Describe shopping complexes and malls.
Answer:
Shopping Complexes and Malls

There are other markets in urban areas.
They have many shops, popularly called shopping complexes.
These /lays in many urban areas there are large multi-airconditioned buildings with shops on different floors.
They are known as malls.
In these urban markets, we get both branded and non-branded goods.
They have restaurants and eating places.
They have multilevel parking.
They may have multiplex theatres.
Question 3.
Why are branded goods expensive?
Answer:
Branded goods are expensive because they are advertised and claims better quality. The companies producing these sell them through shops in urban markets or special showrooms.This further add to their cost. Few people can afford to buy branded goods.

Chain of Markets

Question 1.
From where do you think shop owners procure their goods?
Answer:

Goods are produced in Factories, on farms and in homes.
We do not buy them directly from the factory or from the farm.
Producers are not interested in selling us goods in small quantities like one kilo
of vegetables or one plastic mug.
The people in between the producer and the final consumer are traders.
The wholesale trader first buys goods in large quantities.
Examples:

Vegetable wholesale trader does not buy a few kilos of vegetables. He buys them in bulk quantities. He sells them to retailers.
A retailer purchases vegetables in bulk from the wholesale trader. He sells them in small quantities to the consumers at higher rates.
Question 2.
Who is a retailer?
Answer:
In the markets buying and selling takes place between the traders. Through these traders the goods reach faraway places. The trader who finally sells the goods to consumer is the retailer. This could a in weekly market, a hawker or in a shopping complex.

Question 3.
How is chain of markets set up?
Answer:
Chain of markets has visible and invisible links.

Wholesalers buy the products in bulk directly from the producers.
Every city has areas with wholesale market from where the goods are supplied to other traders.
Retailers buy goods in smaller quantities from the wholesalers and take them to different parts of the city.
The road side hawkers further purchase these goods either from a wholesaler or a retailer to sell it in particular localities.
Wholesale trader bought large quantity of goods from factory or producers and store them in godowns.
In this way a chain of markets is set up through which the goods finally travel to reach us.
Certain services are also sold like this e.g., representatives of various companies go to the retailers or sometimes directly to the consumer to sell their products.
Chain of Markets serves the following purposes

Factories and wholesalers need not find consumers of their goods.
Several people get benefited.
Consumers get goods of their needs in small quantities.
They get goods from their nearby places, they do not need to walk long distances.
Factories and wholesalers do not sell goods in small quantities. It saves time and energy of the factory owners and the wholesalers.
Question 4.
What do the terms wholesale and retail refer to?
Answer:
Wholesale refers to buying or selling goods in large quantity like fruits, vegetables, flowers, kitchen items etc.
Retail means buying the goods in smaller quantity from the wholesaler and sell it in the local markets to the consumers.

NOTES: STORY OF AFTAB – Wholesaler In The City

Aftab a wholesaler starts his business around 2.am
Vegetables reaches the mandi from nearby areas
He participates in the auction for selecting which vegetables to buy
He stores these vegetables in his shop and further sells it to hawkers or shopkeepers.
These retailers come to the mandi around 6 am and reach their own areas by 10 in the morning.
Markets everywhere

Question 1.
Describe the various ways of selling and purchasing of goods.
Answer:

There are different market places where people buy and sell a variety of goods and services.
All these markets are in a specific locality.
They work in a particular manner and time.
These days it is not always necessary to go to market to purchase goods.
Orders can be placed for a variety of things through the phone and through the Internet.
Goods are delivered at the customer’s home.
In clinics and nursing homes, sales representatives come to take order for supplying medicines.
Sales representatives are also engaged in the selling of goods. Thus, buying and selling of goods takes place in different ways.
Question 2.
Give an account of those things which we do not directly use.
Answer:

We can recognise markets easily.
There are also such markets that we do not know.
A large number of goods are bought and sold that we do not use directly.
Examples
A farmer uses fertilizers to grow crops.
He purchases them from special shops in the city.
These shops get them from factories.
Likewise a car factory purchases engine, gears, petrol tanks, axles, wheels etc. from various other factories.
We do not usually see all the buying and selling of these ancillaries but only the final product—the car in the showroom.
The story is similar for any other good.
Markets And Equality

Question 1.
Discuss the relationship between markets and equality.
Answer:
There are two types of sellers in the market, one in the weekly market and other in the shopping complex.
Small trader has little money whereas the other has more money to set up their shops. They earn unequal amounts. The weekly market traders earns little as compared of a regular shop owner in a shopping complex.
Even buyers are also differently placed. There are some who can not afford cheapest of goods and some shop in malls.
Therefore these markets depend on money as buyers or sellers.

Question 2.
How does chain of markets works?
Answer:
Goods go through a chain of markets before reaching the consumer. Goods produced at one place reaches different areas through chain of markets. Selling of new products encourages productions and new earning opportunities.

Question 3.
What does refer to the person for whom the goods have been made and who pays money to buy and use them?
(a) Producer
(b) Consumer
(c) Advertiser
(d) All of these

Question 4.
When a company takes masoor ki daal and puts it into a packet, it will need
(a) a special name (brand name)
(b) masoor ki daal
(c) top taste daal
(d) None of these

Question 5.
Who is confused because it really cannot be differentiated between top taste item and best taste item?
(a) Consumer
(b) Manufacturer
(c) Shopkeeper
(d) Dealer

Question 6.
What does refer to a thing or service that has been made for being sold in the market?
(a) Brand
(b) Brand value
(c) Product
(d) None of these

Question 7.
Who try to sell products through advertisements?
(a) Favourite film stars
(b) Cricket heroes
(c) Both (a) and (b)
(d) None of these

Question 8.
What is the rate for 30 seconds advertisement on a major T.V. channel?
(a) one lac rupees
(b) 1.50 lac rupees
(c) 1.65 lac rupees
(d) 2.10 lac rupees

Question 9.
What is important to make people aware of a product?
(a) Production
(b) Market
(c) Advertisement
(d) All of these

Question 10.
Producing and showing advertisements in the media is very
(a) cheap
(b) expensive
(c) excellent
(d) none of these

Match the contents of Column A with that of Column B:

Fill in the blanks with appropriate words.

1. Advertisement helps building ………… name of products.

2. Brand values are conveyed through the use of ………….. and …………..

3. ………….. advertisements are made by the government agencies to give social message.

4. Branding means stamping a …………. with a name.

State whether the given statements are true or false.

1. Social advertisements have no message to convey.

2. Advertisements play a role in convincing people to buy a product.

3. Advertisements mostly focus on the lives of rich and famous.

4. Branded products cost less than the unbranded ones.