Understanding Markets | Social Science Grade 7 CBSE

Play with it

Explore the kinds of markets

We buy and sell in many kinds of markets — from a weekly haat to an online app. Tap each one to see how it works, and follow the chain that brings goods all the way to you.

Explore · Kinds of marketstap a market

Learn

The three big ideas

We buy things from many kinds of markets:

Weekly market — one fixed day, many small sellers, often cheap.
Neighbourhood shops — permanent shops open daily for everyday needs.
Shopping mall / big stores — many brands and products under one roof.
Wholesale market — bulk selling, mainly to shopkeepers (retailers).
Online market — buy on apps and websites, delivered to your home.

Tap each one in the explorer above to see how it works.

Most goods are not made by the person who sells them to you. They travel along a chain:

The producer makes or grows the goods (a farmer or a factory).
The wholesaler buys in large quantities and stores them.
The retailer (your local shop) buys from the wholesaler and sells small amounts.
The consumer — that is you — finally buys and uses the goods.

Common mistake: thinking wholesale and retail are the same. Wholesale means selling in bulk to shops; retail means selling small amounts to you. A wholesaler usually will not sell you a single pencil!

In a market, buyers and sellers meet, and a price is set:

Price depends on demand (how much people want it) and supply (how much is available).
When something is scarce but wanted, its price rises; when there is plenty, the price falls.
In some markets you can bargain for a lower price; in malls and online stores prices are usually fixed.

Worked example. Why are vegetables often cheaper in a weekly market than in a mall?

A weekly market has low running costs (no air-conditioned building or large staff) and many sellers competing, and the produce is often bought closer to the source → so the same vegetables can be sold for less than in a mall.

Where you'll meet it

Markets in everyday life

The family weekly shopping

Smart families plan where to buy: fresh vegetables and fruit cheaply from the weekly market, milk and daily needs from the neighbourhood shop, and bigger items where the price is best. Comparing prices saves real money each week.

Shopping safely online

Before tapping "buy", check the price against other stores, read the reviews and the return policy, look for a secure payment, and ask an adult before paying. A good deal is one that is also safe.

Check yourself

Competency quiz

Modelled on the competency-based pattern — MCQ, assertion–reason and a case study, testing whether you can use the ideas, not just recall them.

Score 0/12

UnderstandingMarkets