'Markets Around Us' — Practice

Question 1

Distinguish between weekly markets and shopping malls.

Accepted Answer

Weekly markets are held on a fixed day in open spaces, sell everyday goods at low prices (no permanent rent or storage), and serve mainly low- and middle-income local people. Shopping malls are in cities, sell branded goods, electronics, and food with entertainment, charge high prices for brand value and ambience, and serve mainly the middle and upper classes.

Question 2

Explain the chain of markets with an example.

Accepted Answer

Goods pass from producer to consumer through intermediaries. For vegetables: the farmer grows them, a wholesale trader buys in bulk and transports them to a city mandi, a retailer or vendor buys from the mandi and sells in small quantities, and the consumer finally buys them. The chain exists because producers and consumers are far apart, producers sell in bulk, and wholesalers store and supply goods.

Question 3

What is the difference between a wholesaler and a retailer?

Accepted Answer

A wholesaler buys and sells in large quantities (bulk) to businesses at low unit prices. A retailer sells small quantities directly to consumers at higher prices.

Question 4

Why do farmers get a small share of the price consumers pay?

Accepted Answer

Because middlemen -- wholesalers, transporters, and retailers -- each take a cut at every stage of the chain, so the farmer ends up with only a small fraction of the final price.

Practice — 'Markets Around Us'

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