Students revise important topics using Class 7 SST Extra Questions and Class 7th SST Chapter 12 Understanding Markets Important Extra Question Answer before exams.
Class 7 SST Chapter 12 Understanding Markets Extra Questions
NCERT Class 7 Social Science Chapter 12 Extra Questions on Understanding Markets
Understanding Markets Class 7 Very Short Question Answer
Question 1.
What is a market?
Answer:
A place where buyers and sellers exchange goods and services.
Question 2.
Name one historical market in India. ?
Answer:
Hampi Bazaar in Karnataka.
Question 3.
What does FSSAI stand for?
Answer:
Food Safety and Standards Authority of India.
Question 4.
Who is a retailer?
Answer:
A person who sells goods directly to consumers in small quantities.
Question 5.
What is AGMARK used for?
Answer:
Certification of agricultural products. It’s full form is Agriculture Mark.
Understanding Markets Class 7 Short Question Answer
Question 1.
How is price determined in a market?
Answer:
Price is determined by the interaction between demand from buyers and supply from sellers. Both must agree on a price for the transaction to take place.
Question 2.
What is the role of cold storage in markets?
Answer:
Cold storage helps preserve perishable goods like fruits and vegetables, allowing them to be sold even after several days of harvest.
Question 3.
Mention two differences between wholesale and retail markets.
Answer:
Wholesalers sell in large quantities and mainly to retailers, while retailers sell in small quantities directly to consumers.
Question 4.
How do markets contribute to cultural exchange?
Answer:
Markets bring people together from different backgrounds, allowing them to share traditions, food, and ideas.
Question 5.
Why does the government fix a minimum price for crops like wheat or paddy?
Answer:
To ensure farmers receive fair compensation and do not suffer losses during times of low demand or overproduction.
Understanding Markets Class 7 Long Question Answer
Question 1.
Explain the different types of markets with examples.
Answer:
Markets can be physical (like local haats), online (shopping apps), domestic (within a country), international (across borders), wholesale (bulk selling), and retail (small quantity selling to consumers). Each serves a different purpose and caters to various needs of buyers and sellers.
Question 2.
Discuss the role of government in regulating markets.
Answer:
The government ensures fair trade by setting maximum and minimum prices for essential goods, implementing quality standards (like FSSAI and ISI), and providing public goods. It also checks environmental damage from industries and unfair trade practices.
Question 3.
How does the supply chain work from producer to consumer in physical markets?
Answer:
Producers or manufacturers supply goods to wholesalers in large quantities. Wholesalers then send goods to retailers, who sell them to the final consumers. Distributors may help transport goods from one stage to another.
Understanding Markets Class 7 Source Based Questions
Question 1.
Read the passage given below and answer the questions that follow:
The Surat textile market consists of thousands of factories manufacturing cotton and synthetic textiles. In the case of cotton textiles, raw cotton is received here through cotton mand is from nearby states like Maharashtra, as well as from other parts of Gujarat. It is transformed into finished fabric or garments after processing at various stages weaving on power looms, dyeing in processing units and so on. The product moves from one stage to another through markets for woven fabric, for dyed fabric, and for finished products (sarees, or ready made garments, for example).
Questions:
(i) What does the Surat textile market consist of?
Answer:
The Surat textile market consists of thousands of factories manufacturing cotton and synthetic textiles.
(ii) Which are the nearby cotton mandis of Surat?
Answer:
Maharashtra and Gujarat are the nearby cotton mandis of Surat.
(iii) List two key process of the finished fabric?
Answer:
Weaving on power looms and dyeing in the processing units.
(iv) How does the product move from one stage to another?
Answer:
The product moves from one place to another through local markets.
Understanding Markets Class 7 Competency Based Questions
Question 1.
Aakriti, an artist, struggles to find buyers for her paintings. Suggest three ways she can market and sell her work?
Answer:
She can use online platforms, participate in local exhibitions, and promote through social media or word of mouth.
Question 2.
You have ₹100 to buy vegetables. In the local market, peas are ₹40/kg but in the supermarket, they’re ₹50/kg. Where would you buy and why??
Answer:
I would buy from the local market as it’s cheaper and would allow me to buy more within my budget. However, I’ll also check for freshness and cleanliness.
Understanding Markets Class 7 Skill Based Questions
Question 1.
What four important details a consumer should know on a product label for a packet of rice?
Answer:
The four important details a consumer should know on a product label for a packet of rice are: Brand name, net weight (5kg), FSSAI logo, expiry date.
Question 2.
Observe an appliance in your home and write its BEE Star Rating. What does it tell you?
Answer:
I have a refrigerator at my home which has a 4-star rating sticker on it. It tells me the appliance uses less electricity and is energy-efficient.
Class 7 Understanding Markets Extra Questions for Practice
A. Multiple Choice Questions
Question 1.
Which city is known as Asia’s textile hub?
(a) Mumbai
(b) Surat
(c) Chennai
(d) Hyderabad
Question 2.
Cold storage is used to store:
(a) Furniture
(b) Perishable items
(c) Paper
(d) Electronics
Question 3.
Ima Keithel market is run by:
(a) Only men
(b) Government employees
(c) Women
(d) Students
Question 4.
AGMARK is used for:
(a) Processed food
(b) Agricultural products
(c) Jewellery
(d) Toys
Question 5.
Which of the following is a public good?
(a) Cars
(b) Private schools
(c) Roads
(d) Phones
B. Fill in the Blanks
Question 1.
Goods in online markets are packed and delivered by the ………….
Question 2.
A public good is accessible to …………. members of society.
Question 3.
………… rating helps consumers identify energy-efficient appliances.
Question 4.
The government sets ………… wages to protect workers.
Question 5.
Markets also help in building long-term ………….. between buyers and sellers.
C. State Whether True or False
Question 1.
Markets connect people, traditions and ideas.
Question 2.
The trade done within the boundries of a country is called international market.
Question 3.
Aggregator is a person who hoard goods and commodities to be sold later at a premium.
Question 4.
People buy goods and services they cannot produce.
Question 5.
Markets function on the concept of demand and supply.
D. Match the Columns
| Column A | Column B |
| A. Cold Storage | (i) Weekly Market |
| B. Godowns | (ii) Virtual Market |
| C. Haat | (iii) Upscale Market |
| D. Shopping Mall | (iv) Warehouses |
| E. Shopping App | (v) Perishable goods |
E. Assertion and Reason Question
There are two statements marked as Assertion (A) and Reason (R). Mark your answer as per the codes provided below:
Question 1.
Assertion (A): FSSAI and AGMARK help ensure product quality.
Reason (R): These are logos added by private companies.
Codes:
(a) Both A and R are true and R is the correct explanation of A.
(b) Both A and R are true but R is not the correct explanation of A.
(c) A is true but R is false.
(d) A is false but R is true.
F. Very Short Answer Type Questions
Question 1.
What is the role of a wholesaler?
Question 2.
Name a government label found on electrical appliances.
Question 3.
Give one reason why people prefer online shopping.
G. Short Answer Type Questions
Question 1.
Why are energy-efficient products preferred by consumers?
Question 2.
How do online platforms act as aggregators?
Question 3.
Give two reasons for the existence of international trade.
H. Long Answer Type Questions
Question 1.
What are the benefits and challenges of online shopping for buyers and sellers?
Question 2.
How do price fluctuations affect both producers and consumers in a market?
Question 3.
Explain the importance of quality certification marks on products.