NCERT Solutions for Class 7 Social Science Civics Chapter 7 Markets Around Us

NCERT Solutions for Class 7 Social Science Civics Chapter 7

NCERT Solutions for Class 7 Social Science Civics Chapter 7 Overview

NCERT Solutions for Class 7 Social Science Civics Chapter 7 Markets Around Us

• Introduction to markets and their significance in economic systems.
• Explanation of different types of markets such as local markets, regional markets, national markets, and global markets.
• Discussion on the role of markets in facilitating the exchange of goods and services.

• Definition and roles of producers and consumers in the market economy.
• Explanation of how producers create goods and services to meet the needs and wants of consumers.
• Understanding the interdependence between producers and consumers in the market system.

• Differentiation between goods and services.
• Examples of goods (tangible products) and services (intangible activities) exchanged in the market.
• Discussion on the factors influencing the production and consumption of goods and services.

• Identification of factors that influence market demand and supply.
• Explanation of how changes in factors such as price, income, preferences, and technology affect market equilibrium.
• Understanding the concept of demand and supply curves and their relationship in determining market prices.

• Explanation of the role of government and other regulatory bodies in regulating markets.
• Discussion on the need for regulations to ensure fair competition, consumer protection, and market stability.
• Examples of government interventions such as price controls, quality standards, and consumer rights protection.

• Introduction to the concept of globalization and its impact on markets.
• Explanation of how globalization has expanded markets by facilitating trade, investment, and the flow of goods and services across borders.
• Discussion on the benefits and challenges of globalization for producers, consumers, and economies.

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NCERT Solutions for Class 7 Social Science Civics Chapter 7 Important Questions

• Market refers to a space or mechanism where buyers and sellers come together to exchange goods and services. It plays a crucial role in the economy by facilitating the allocation of resources, distribution of goods and services, and determination of prices. Markets allow producers to sell their products and consumers to fulfill their needs and wants, contributing to economic growth and development.

• Local markets are markets that operate within a specific geographical area, serving the needs of local communities. Examples include neighborhood markets, farmers' markets, and flea markets.
• Global markets , on the other hand, refer to markets that operate on a global scale, facilitating trade and exchange of goods and services across national borders. Examples include international stock exchanges, e-commerce platforms, and multinational corporations operating in multiple countries.

• Producers are individuals or businesses that create goods and services for sale in the market. They are responsible for producing and supplying goods and services to meet the demands of consumers. Producers play a crucial role in driving economic growth and development by creating employment opportunities and generating income.
• Consumers , on the other hand, are individuals or households that purchase goods and services to satisfy their needs and wants. They play a significant role in shaping market demand through their consumption choices and preferences. Consumers drive economic activity by creating demand for goods and services, thereby influencing producers' decisions about what to produce and how much to produce.

• Market demand refers to the quantity of a good or service that consumers are willing and able to purchase at different prices. Factors influencing market demand include price, income, preferences, expectations, and the number of consumers in the market. For example, an increase in income or a change in consumer preferences can lead to an increase in demand for a particular good or service.
• Market supply , on the other hand, refers to the quantity of a good or service that producers are willing and able to supply at different prices. Factors influencing market supply include production costs, technology, resource availability, and government regulations. For example, an increase in production costs or a decrease in resource availability can lead to a decrease in supply of a particular good or service.

• Market equilibrium refers to the state of balance between market demand and supply, where the quantity demanded by consumers equals the quantity supplied by producers at a particular price. Market equilibrium is determined by the intersection of the demand and supply curves on a graph, known as the equilibrium price and quantity. At the equilibrium price, there is no excess demand or supply in the market, and the market is in a state of equilibrium.

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NCERT Solutions for Class 7 Social Science Civics Chapter 7 Short and Long Questions With Answers

Short Questions:

• Market refers to a space or mechanism where buyers and sellers come together to exchange goods and services. It plays a crucial role in the economy by facilitating the allocation of resources, distribution of goods and services, and determination of prices. Markets allow producers to sell their products and consumers to fulfill their needs and wants, contributing to economic growth and development.

• Local markets operate within a specific geographical area, serving the needs of local communities. Examples include neighborhood markets, farmers' markets, and flea markets.
• Global markets , on the other hand, operate on a global scale, facilitating trade and exchange of goods and services across national borders. Examples include international stock exchanges, e-commerce platforms, and multinational corporations operating in multiple countries.

• Producers are individuals or businesses that create goods and services for sale in the market. They are responsible for producing and supplying goods and services to meet the demands of consumers. Producers play a crucial role in driving economic growth and development by creating employment opportunities and generating income.
• Consumers , on the other hand, are individuals or households that purchase goods and services to satisfy their needs and wants. They play a significant role in shaping market demand through their consumption choices and preferences. Consumers drive economic activity by creating demand for goods and services, thereby influencing producers' decisions about what to produce and how much to produce.

Long Questions:

• Market demand refers to the quantity of a good or service that consumers are willing and able to purchase at different prices. Factors influencing market demand include price, income, preferences, expectations, and the number of consumers in the market. For example, an increase in income or a change in consumer preferences can lead to an increase in demand for a particular good or service.
• Market supply , on the other hand, refers to the quantity of a good or service that producers are willing and able to supply at different prices. Factors influencing market supply include production costs, technology, resource availability, and government regulations. For example, an increase in production costs or a decrease in resource availability can lead to a decrease in supply of a particular good or service.

• Market equilibrium refers to the state of balance between market demand and supply, where the quantity demanded by consumers equals the quantity supplied by producers at a particular price. Market equilibrium is determined by the intersection of the demand and supply curves on a graph, known as the equilibrium price and quantity. At the equilibrium price, there is no excess demand or supply in the market, and the market is in a state of equilibrium.

• Market demand: Market demand refers to the quantity of a good or service that consumers are willing and able to purchase at different prices. Factors influencing market demand include:
  • Price: The most significant factor affecting demand is the price of the product itself. Generally, as the price decreases, the quantity demanded increases, and vice versa.
  • Income: Consumer income plays a crucial role in determining demand. Higher incomes lead to increased purchasing power, resulting in higher demand for goods and services.
  • Preferences and tastes: Changes in consumer preferences and tastes can influence demand for certain products. For example, trends, fashion, and advertising can impact consumer preferences.
  • Expectations: Expectations about future price changes, income levels, or economic conditions can influence current demand. For instance, if consumers expect prices to rise in the future, they may increase their current demand.
  • Number of consumers: The size of the consumer population affects total demand. An increase in the number of consumers leads to higher demand, while a decrease results in lower demand.
• Market supply: Market supply refers to the quantity of a good or service that producers are willing and able to offer for sale at different prices. Factors influencing market supply include:
  • Price of inputs: Production costs, such as labor, raw materials, and machinery, influence the supply of goods and services. Higher input prices decrease supply, while lower input prices increase supply.
  • Technology: Advances in technology can increase productivity and reduce production costs, leading to higher supply. Conversely, outdated technology or inefficient production methods can decrease supply.
  • Resource availability: The availability of natural resources and other inputs affects production capacity. Limited resources may constrain supply, while abundant resources can support higher levels of production.
  • Government policies and regulations: Government policies, such as taxes, subsidies, and regulations, can affect production costs and supply. For example, subsidies may encourage increased production, while taxes may reduce supply.

NCERT Solutions for Class 7 Social Science Civics Chapter 7 Exercise Questions

• Does not have a fixed location, operates by moving from one place to another.
• Sells goods at a minimum profit margin.
• Requires minimum capital investment and can sell a variety of items.

• Operates from a fixed building or location.
• Customers visit the shop to purchase goods.
• Capital investment is required to set up the shop, and the range of goods sold may be limited to the type of shop.

• A chain of markets is formed when goods move from factories to consumers through various intermediaries such as wholesale traders and retailers.
• Producers sell goods to wholesale traders in bulk, who then sell them to retailers. Finally, retailers sell the goods to the end consumers.
• The purpose of the chain of markets is to efficiently distribute goods from producers to consumers, ensuring that demand is met and equilibrium is maintained in the economy.

• Yes, all individuals have equal rights to visit any shop in a marketplace, regardless of the affordability of the products.
• Shopkeepers are obligated to show their products to all customers, and the decision to purchase lies with the consumer.
• For example, even if a consumer cannot afford expensive items in a shop, they have the right to explore and inquire about the products without any discrimination.

• Advancements in technology and e-commerce have enabled buying and selling without the need to visit a physical marketplace.
• Online shopping platforms allow consumers to purchase goods from the comfort of their homes and have them delivered.
• Sales representatives from companies may visit clinics and nursing homes to sell medical products without the need for a physical shop.
• Therefore, buying and selling can occur through various channels without the necessity of a physical marketplace.

NCERT Solutions for Class 7 Social Science Civics Chapter 7 PDF

NCERT Solutions for Class 7 Social Science Civics Chapter 7 Summary