Chapter 7: Markets around us

These NCERT Class 7 Polity Chapter 7 notes explain how markets work in our daily life. The chapter helps students understand that markets are not only big malls but also include weekly markets, neighbourhood shops, and street vendors.

Markets Around Us discusses different types of markets, why prices differ, how goods move from producers to consumers, and the role of middlemen. It also highlights inequality in markets where producers often earn less than traders.

This chapter helps students understand the relationship between buyers, sellers, and markets in a simple and practical way.

1. Introduction: Why markets are important

• We depend on markets for daily needs like food, clothes, and books.
• Markets connect producers and consumers.
• Markets exist in many forms, not only big shopping malls.
• This chapter explains different types of markets and how they work.
• A market is any place where buying and selling happens.

2. Meaning of market

• A market is a place where buyers purchase goods and sellers sell goods.
• Vegetable markets, kirana shops, and online shopping apps are examples of markets.

3. Types of markets

• Markets are of different kinds based on location and size.

A. Weekly markets

• Weekly markets are held once or twice a week.
• Shops in weekly markets are temporary.
• Goods sold in weekly markets are usually cheap.
• Haats in villages and towns are examples of weekly markets.

B. Neighbourhood markets

• Neighbourhood markets have shops close to homes.
• These shops are permanent.
• Prices are slightly higher than weekly markets.
• Local grocery shops are examples of neighbourhood markets.

C. Shopping complexes and malls

• Shopping complexes and malls are large buildings.
• They sell branded goods.
• Items are usually expensive.
• These markets mainly target rich consumers.

4. Why goods are cheap in weekly markets

• Weekly markets have low rent.
• There is no permanent shop.
• There are few taxes.
• There is intense competition among sellers.
• Vegetables are cheaper in a haat than in supermarkets.

5. Chain of markets

• Goods pass through many markets before reaching consumers.
• This process is called the chain of markets.
• Goods move from farmers to wholesale markets.
• Goods then go to retailers.
• Finally, goods reach the consumer.
• Vegetables grown in villages are sold in city markets.

6. Role of middlemen

• Middlemen buy goods from producers.
• Middlemen sell goods to retailers.
• Middlemen earn profit in this process.
• Producers often get less money for their goods.

7. Inequality in markets

• Big traders earn more profit.
• Small producers earn less.
• Farmers often sell crops at low prices.

8. Indian examples from daily life

• Weekly haats in Bihar and Uttar Pradesh.
• Vegetable mandis in towns and cities.
• Street vendors selling goods on roadsides.

9. Important keywords with simple meanings

• Market – a place where buying and selling of goods takes place.
• Weekly market – a market held once or twice a week with temporary shops.
• Neighbourhood market – permanent shops located near homes.
• Wholesale market – a market where goods are sold in large quantities.
• Retailer – a person who sells goods directly to consumers.
• Consumer – a person who buys goods for use.

Understanding NCERT Class 7 Polity Chapter 7 – Markets Around Us is important to learn how markets function and how goods reach consumers. The chapter clearly explains price differences, chain of markets, and inequality faced by small producers.

The ideas discussed in this chapter help students understand basic economic activities and market systems and are highly useful for school examinations and foundation-level preparation.

Students should next read Chapter 8: A Shirt in the Market to understand inequality in markets through a real-life production example.

FAQs

Q1. What is a market according to this chapter?
A market is any place where buying and selling of goods takes place.

Q2. What are weekly markets?
Weekly markets are markets held once or twice a week with temporary shops and low prices.

Q3. What is meant by chain of markets?
Chain of markets means goods passing through many stages before reaching consumers.

Q4. Who are middlemen?
Middlemen are traders who buy goods from producers and sell them to retailers.

Q5. Why is NCERT Class 7 Polity Chapter 7 important for exams?
It explains markets, pricing, and inequality, making it important for school exams and foundation-level preparation.