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Markets Around Us Test - 3

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Markets Around Us Test - 3
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Non-market activity is _____.
    Solution
    Market Activities - 
    Market activities involve those activities which are performed basically for the purpose of the sale in the market and that include remuneration or profit. In simple words, the main motive of doing such activities is to earn profit by selling the output in the market. It includes production of goods and services, including the government services. Example : a vegetable vendor selling vegetables , a grocer selling grocery, a shoemaker selling shoes, a general merchant selling consumer durable etc.

    Non market Activities -
    Non market activities are those activities primarily undertaken for the purpose of self-consumption. These activities don't give profit as they are for self consumption. The output of the non market activities is neither for sale in the market nor for earning profit. These activities can be for consumption and processing of primary products for one's own use. Example : A farmer cultivates primarily for himself and his family and not for earning profit.
  • Question 2
    1 / -0
    Who is the first one to buy goods in large quantities?
    Solution
    In a market, the people in between the producer and the final consumer are the traders. The wholesaler is the trader who buy goods in large quantity from various producers. They are the traders who are the first one to buy goods in large quantities from the producer. They then sold the goods to small traders known as retailers.
  • Question 3
    1 / -0
    Free market conditions exist in ______system.
    Solution
    The free market condition is a situation where the market works on demand and supply needs with little or no government control. The capitalist system supports such an economic system. No modern country operate completely as a free market. Although, least restrictive markets indicates that countries value private property, capitalism, and an incentive to pursue profit. Hence, option C capitalist economy is correct.     
  • Question 4
    1 / -0
    Who sells the final goods to the consumer?
    Solution
    A trader who sells goods in small quantities to the buyers is known as a retailer. Traders purchase the goods from the wholesaler and then sell the final goods to the consumers. Example of retailers is neighbourhood shops, shops in malls, hawkers, vendors etc.
  • Question 5
    1 / -0
    One of the advantages of weekly markets is that most things you need ____________.
    Solution
    One of the advantages of a weekly market is that most things you need are available in one place. Whether it is vegetable, groceries, cloth, utensils etc. You do not have to go to a different area to buy different things.
  • Question 6
    1 / -0
    A weekly market is so called because it is held on a __________.
    Solution
    A weekly market is so called because it is held on a specific day of the week. Weekly markets do not have permanent shops. Traders set up shops at day and close them up in the evening. There are thousands of such markets in India.
  • Question 7
    1 / -0
    The shop owners in the weekly market are helped by their family members and, hence, they _______.
    Solution
    The shop owner in the weekly market store the things they sell at home. Most of them are helped by their family members and hence they do not need to hire workers. They also don't need to incur expenditure like rent, electricity, fees to the government, and wages to the workers.
  • Question 8
    1 / -0
    When shops are in permanent buildings, ____________.
    Solution
    When shops are in permanent buildings, they incur a lot of expenditure. They need to pay rent, electricity, fees to the government and wages to the workers. In weekly markets, the shop owners store the things at their home which they sell in the market. so they don't need to incur a lot of expenditure like rent, electricity, wages, and government fees.
  • Question 9
    1 / -0
    These days, in many urban areas, you also have large multi-storeyed air-conditioned buildings with shops on different floors, known as ________.
    Solution
    These days, in many urban areas, we have large multi-storeyed air-conditioned buildings that have shops on different floors, popularly known as malls. In these malls, we get both branded as well as non-branded goods. We also find food court and theatre here.
  • Question 10
    1 / -0
    There are different kinds of sellers even in the neighbourhood markets. Some of them have  _______.
    Solution
    There are different kinds of sellers in the neighbourhood markets. They sell a different kind of things like dairy products, groceries, stationery, eatables, medicines etc. Some of them have permanent shops while others have roadside stalls such as vegetable hawkers, fruit vendors, mechanics etc.
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