Page 213 - SST Class 07
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whatever may be difficulties associated with it, some things which we buy once in a life time,
such as a house.
such as food articles.
On many occasions, things are bought because a Price
necessity arises, such as on festivals, weddings etc. Price is a deciding factor whether a commodity
should be bought, or if it should be bought in a
Convenience
larger or smaller quantity. A family may like to buy
If a commodity is conveniently available in the a commodity in a smaller quantity than it may
nearby market, an individual can buy it at his own need only because of a higher price, such as
convenience; however, if something is not
clothes; or it may like to forego a thing, such as a
available in the local market, or a lot of difficulty car. On the contrary, a family may like to buy a
has to be faced to get it, then he may decide to commodity in a higher quantity if its price is lower.
not buy it or buy it in a larger quantity.
Quiz Time
Income Cycle
Write True or False :
A family determines its visit to market on the basis
of the level and cycle of its income. Most of the 1. The life cycle of different commodities is same.
salaried people buy things when they get their ________
salaries, which is generally at the beginning of the 2. Some people like to buy their monthly
month. This is the reason that we can see markets requirements on credit. ________
more crowded in first two weeks of a month.
3. An individual visits market to buy articles.
Credit ________
Some people like to buy their monthly 4. A permanent market has shops with temporary
requirement on credit. Most of the families buy structures. ________
many things on credit and pay for them once in a 5. The price of a commodity depends on several
month, such as milk, newspaper, provisions etc. factors. ________
Some of the services have to be paid on monthly
basis, such as electricity, telephone etc. Quality
In the modern times, credit is a very important The quality of a commodity too determines
factor in deciding which things to buy. A family whether it should be bought or not. Many types of
can buy a house, a car or a refrigerator/television clothes, shoes and domestic appliances are
on credit, which it would not have otherwise bought only because they are of superior quality.
bought, because it is available on credit and the Utility
family can pay for it in easy installments. On the
other hand, many people will not buy such things When it is considered that some commodity will
because they do not like to buy things on credit. make life convenient, it may be bought, such as a
computer or telephone. Many factors work when
Life Cycle of Commodities
we buy a thing. Suppose, an individual feels that
The life cycle of different commodities is different. he must buy a mobile telephone because his work
So, we buy different things at different times. We is suffering in its absence. Since mobile
have to buy some things on daily basis, such as telephones are available in a wide range of prices
milk, vegetables, fruits etc. We have to buy some and qualities, he will decide to buy the one which
things on weekly basis, such as food products, is suitable as per his resources, availability and
milk powder etc. We have to buy some things on need. He may like to buy a very expensive set
monthly or yearly basis, such as cereals, pulses, with features which he may not really need if he
condiments, clothes, shoes etc. We buy some has resources to buy it; or he may like to buy a
things once in several years, such as motorcycle, cheaper set because his resources do not allow a
refrigerator, radio, furniture etc. And there can be costlier set.
Market Around Us
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