Worksheet – Chapter 12: Understanding Markets
Section A: Multiple Choice Questions (MCQs)
A market is a place where:
a) Only goods are produced
b) Buyers and sellers interact
c) Only money is exchanged
d) Only farmers meet
If the price of goods is fixed too high:
a) More buyers will purchase
b) Seller gains huge profit always
c) Fewer buyers will buy
d) Stock finishes quickly
Which market allows buyers and sellers to meet virtually?
a) Wholesale market
b) Physical market
c) Online market
d) Retail market
A wholesaler usually buys goods:
a) In small quantities
b) From retailers
c) In bulk quantities
d) From consumers
Which market serves final consumers?
a) Wholesale market
b) Retail market
c) International market
d) Stock market
Which certification mark ensures food safety?
a) AGMARK
b) ISI
c) FSSAI
d) BEE
Which symbol indicates energy efficiency?
a) FSSAI
b) ISI
c) AGMARK
d) BEE Star Rating
The government sets a minimum price for farmers to:
a) Increase taxes
b) Ensure fair payment
c) Increase imports
d) Reduce production
Which of these is an example of an international market?
a) Buying vegetables from a local shop
b) India exporting spices
c) Shopping in a mall
d) Buying from a street vendor
Opinions of family and friends affecting buying decisions are called:
a) Government regulation
b) Advertisement
c) Word of mouth
d) Certification
Section B: Fill in the Blanks
- Buyers and sellers interact in a __________.
- Buying and selling through apps or websites is called __________ market.
- Retailers sell goods to __________ consumers.
- Goods bought in large quantities are sold by __________.
- FSSAI ensures __________ safety.
- AGMARK is used for __________ products.
- BEE ratings are used for __________ efficiency.
- Government fixes __________ prices for agricultural products.
- Markets help connect producers and __________.
- Shares of companies are bought and sold in the __________ market.
Section C: Match the Following
Column A Column B
1. FSSAI a. Energy efficiency
2. AGMARK b. Food safety
3. ISI c. Agricultural products
4. BEE Star Rating d. Industrial products
5. Retail Market e. Final consumers
Section D: True or False
- Buyers and sellers interact in markets. _________
- Online markets require physical presence. _________
- Retailers sell goods in bulk quantities. _________
- Government sets maximum prices for some essential products. _________
- ISI mark is for food safety. _________
- Markets help improve living standards. _________
- Wholesalers buy directly from consumers. _________
- Online reviews influence buying decisions. _________
- Government never intervenes in markets. _________
- BEE ratings help consumers save electricity. _________
Section E: Very Short Answer Questions
- What is a market?
- What is bargaining?
- Who are wholesalers?
- What is an online market?
- What is a stock market?
Section F: Short Answer Questions
- Write any four features of a market.
- Differentiate between wholesale and retail markets.
- Explain the role of government in markets.
- What are certification marks? Name any three.
- How do markets benefit society?
Section G: Long Answer Questions
- Explain the different types of markets.
- Explain how prices are determined in markets.
- Explain the economic and non-economic roles of markets.
- Explain the government’s role in controlling markets.
- Explain how online markets differ from physical markets.
Section H: Case Study Based Questions
Case Study – 1
Rohan visited a vegetable market with his mother. The seller quoted ₹60 per kilogram for tomatoes. Rohan's mother felt the price was high and offered ₹50 per kilogram. The seller explained that heavy rains had reduced supply, which increased prices. After some discussion, both agreed on ₹55 per kilogram and completed the purchase. This process helped both the buyer and seller reach a fair price.
Questions:
- What process is shown in this case?
- Why did the seller increase the price?
- What price was finally agreed upon?
- Why is bargaining useful?
Case Study – 2
Anita ordered a school bag through an online shopping app. She compared prices, checked customer ratings and reviews, and read product details before placing her order. The product was delivered to her home after two days. Anita did not visit any shop physically to buy the bag.
Questions:
- Which type of market is shown here?
- What helped Anita make her decision?
- Mention one advantage of this market.
- Did Anita need physical presence to buy the product?
Case Study – 3
A farmer harvested a large quantity of tomatoes. Due to high supply in the market, prices dropped sharply. Many farmers worried about losses because transportation costs became higher than selling prices. Wholesalers and storage facilities became important in handling the excess produce.
Questions:
- Why did tomato prices fall?
- Who can help distribute excess produce?
- Name one problem faced by farmers.
- Suggest one way to reduce wastage of tomatoes.
- b) Buyers and sellers interact
- c) Fewer buyers will buy
- c) Online market
- c) In bulk quantities
- b) Retail market
- c) FSSAI
- d) BEE Star Rating
- b) Ensure fair payment
- b) India exporting spices
- c) Word of mouth
- Market
- Online
- Final
- Wholesalers
- Food
- Agricultural
- Energy
- Minimum
- Consumers
- Stock
- FSSAI → b. Food safety
- AGMARK → c. Agricultural products
- ISI → d. Industrial products
- BEE Star Rating → a. Energy efficiency
- Retail Market → e. Final consumers
- True
- False
- False
- True
- False
- True
- False
- True
- False
- True
- A market is a place where buyers and sellers interact to exchange goods and services.
- Bargaining is the process of negotiating prices between buyers and sellers.
- Wholesalers are traders who buy goods in bulk and supply them to retailers.
- An online market is a platform where buying and selling happen through apps or websites.
- A stock market is a market where shares of companies are bought and sold.
- Bargaining
- Heavy rains reduced supply
- ₹55 per kilogram
- It helps buyers and sellers reach a fair price
- Online market
- Ratings and reviews
- Home delivery and convenience
- No
- High supply in the market
- Wholesalers
- Low prices and financial loss
- Food processing/storage facilities / better transportation (any one)
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