Markets around us Questions answer for class 7

L 23( Market around Us)

Brief Question Answers

Define market and name any three types of market.

Ans 1-Market is a place where buyers and sellers are engage in the activity of sale and

Purchase of goods. Two types of markets are wholesale market and retail market.

State the competition among workers.

Ans 2 Competition among workers tends to lower the wage.

Why is there a difference in price between a wholesale and retail markets.

Ans 3 There is a difference in the Price of goods between the wholesale market and the

retail market to make profit at every leve and l to pay for their investment,manpower, storing

facility and place.

Mation the benefit of shopping in weekly markets.

Ans 4- I The goods are cheaper

ii Customers are free to bargain.

Iii Things of daily use are available at one place.

What is economic inequality.

Ans 5 Economic inequality means inequality of economic assets and incomes among

individuals and groups.