Here is the class notes from Class 8 NCERT Civics – Chapter 7: Market Around Us

 

Types of Markets

Weekly Market
  • Held on a specific day of the week.
  • Temporary setup; sellers come with their goods and leave the same day.
  • Items sold: vegetables, clothes, utensils, etc.
  • Prices are usually lower due to:
      • No permanent shops (low cost)
      • Direct sale by producers or small traders (no middlemen)
      • Competition among sellers
Shops in the Neighbourhood
  • Permanent shops like grocery stores, stationery shops, pharmacies, etc.
  • Open all week.
  • Provide credit facilities and home delivery.
  • Friendly relations with customers.
Shopping Complexes and Malls
  • Large multi-storeyed buildings with many branded shops.
  • Located in urban areas.
  • Items are usually more expensive.
  • Air-conditioned, with parking and other facilities.

Chain of Markets

  • The producer → wholesaler → retailer → consumer
  • Goods pass through various hands before reaching the final buyer.
  • Each link in the chain adds a profit margin.

Markets and Equality

  • Not all sellers have equal power.
  • One is a small trader with little money to run the shop whereas the other is able to spend a lot of money to set up the shop.
  • They also earn unequal amounts.
  • The weekly market trader earns little compared to the profit of a regular shop owner in a shopping complex.
  • Buyers or sellers in these different markets depends on the money that we have.
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