NCERT solution Class 7 markets around us

NCERT Solutions

Class 7 Social Science

Markets Around Us

NCERT Questions

Q.3

Explain how a chain of markets is formed. What purpose does it serve?

First, products are made in workshops, farms, and homes (depending on the type of business it is). Even while the producers of these items may not deal with buyers in modest amounts, this does not mean that shoppers in search of these items need to travel to these locations.

Wholesalers fill this void. The role they play is that of go-betweens between manufacturers and the final consumers. Wholesalers stock up on merchandise and then resell it to shops. The quantity sold will be proportional to the level of interest. These shops are where the product will ultimately be sold to customers. We can infer that there is a chain of production, distribution, and consumption beginning at the factories and ending with the customers. A market chain describes such a series of interconnected marketplaces. Below is a flowchart that will clarify the process:

Factories → Wholesale traders → Retailers → Consumers

This distribution system is essential to preserving the economy's delicate balance of supply and demand.

Markets Around Us Class 7 Social Science NCERT Chapter 8 NCERT Solutions

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NCERT solutions of Markets Around Us Class 7 Social Science - all questions of all exercises are solved. Q. No. 1, 2, 3, and so on. Complete explanation and detailed solution makes them the best videos for Class 7 Social Science Markets Around Us NCERT solutions.