Class7 civ ch7

Answer in details:-

Q1. How have markets, and the methods of exchange, changed over time?

Ans.- Initially when people had surplus production, they were exchanging with others to get the combination of things. The behavior of exchange lead to the increase in demand of various goods produced through agriculture and craft. Instead of searching for person to exchange people started gathering at a particular place once in a week which helped in development of weekly markets.

                By the time people adopted trading as a profession and developed permanent shops. when many traders started living at one place then the market developed and for the ease of exchange precious things were used, later the concept of money simplified the exchange process and lead to the development of market to larger extent.

Q2. Discuss in detail the various stage involved in the making of a product and its movement to the consumer.

Ans.- The various stage involved in the making a product and its movement to the customer are as follows-

Marketing- it helps in the development of the product through feedback of customers.

Production- Process of conversion of raw material in to finished goods

Transportation- carrying finished goods to the market

Storage- Maintenance of inventory  by wholesalers or retailer

Selling -  process of transfer of goods in exchange of money

After-sales service- to maintain the better satisfaction level and feedback of the consumer.

Q3. What are the different types of markets? Discuss in detail.

Ans.- Different types of market are as follows-

                i. Wholesale market

                ii. Retail market

                                a. Weekly markets

                                b. Neighborhood shops

                                c. Super markets

                                d. Malls

                                e. Online stores

Q4. What are the differences between wholesalers and retailers?

Ans.- Wholesaler- Wholesaler buy goods in bulk from producer.

                         They sell it in smaller lots to the retailer

                         They sell goods at low price than retailers

          Retailer- They buy goods from wholesaler

                         The sell to customer/consumer in small quantities

                       They sell on cost-plus pricing method or on print rate

Q5. Discuss the role of a retailer in marketplace.

Ans.-  Retailer is at the end of the distribution chain and are directly in contact with the consumer or customer, Their role at marketplace are as follows-

            - Act as a link between producer and customer

            - Promote or attract customers towards any particular brand

            - Maintain stock of highly demanded items

            - Maintain display of available products to attract customers

            - Provide feedback about the product

Q6. What are the factors determining people's choice of markets?

Ans.- Availability, convenience, quality, prices and credit availability are some major factors which determines the people's choice of market, as people use to take stress of buying according to the type of product and convenient in terms of distance.