Page 214 - SST Class 07

Activity

Make a list of six articles that your family buys. Now, write the details in the following table :

Name of Articles Cycle of Buying Retail or Wholesale Credit or Cash
1.

2.
3.
4.

5.
6.

v A market is a place where buyers and sellers meet.
v A market can be retail or wholesale.
v The chain of supply from producer to consumer varies due to type of commodity and distance.

v Markets can be daily or weekly, temporary or permanent.
v The types of transports depend on the distance and type of goods.
v Inequity in market operations results in the exploitation of less resourceful buyers and sellers.
v The cycle of visiting a market depends on several factors.

A. Tick (3) the right option :
1. The person who is the intermediary between producer and retailer is ______________ .

(a) customer (b) wholesaler (c) vendor
2. The producer sells to wholesaler at a price higher than the ______________ .
(a) retail price (b) wholesale price (c) production cost
3. ______________ is one of the most important factor to determine the decision to buy or not.
(a) necessity (b) honesty (c) credit

4. A market sells ______________ .
(a) products (b) services (c) both of these
5. ______________ markets are held everyday at a fixed place.
(a) temporary (b) weekly (c) daily
6. In wholesale markets, goods are bought and sold in ______________ .

(a) small amount (b) bulk (c) none of these
7. Retailers buy goods from ______________ .
(a) hawker (b) salesman (c) wholesaler

Contemporary Social Science-7
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