Think About It (Page 263) We have discussed different dimensions of markets. Can we imagine what life might Class 7
hardThink About It (Page 263) We have discussed different dimensions of markets. Can we imagine what life might Class 7
Question 1.
We have discussed different dimensions of markets. Can we imagine what life might be like without markets? What would happen if farmers did not bring rice, wheat, dal, vegetables and fruits to the market? What would happen if the producers of cloth in Surat could not procure inputs like cotton from markets? Class 7
Answer:
- Without markets, life would be very different.
- People would not get daily usable necessary item easily.
- Farmers wouldn't be able to sell rice, wheat, dal and vegetables, so people would struggle to find food.
- Similarly, cloth producers in Surat couldn't get cotton, making it hard to make clothes.
This would lead to shortages and higher prices, affecting everyone's daily life. Markets facilitates transactions between producers and consumers. It helps individuals, households, and businesses access goods and services that they need and count produce themselves.
Question 2.
Can you think of other products which do not have a ready market? How does it affect those willing to buy or sell? What are the different ways in which artists can find buyers for their work today? Class 7
Answer:
Yes, the following products do not have a ready market:
- Race books and antique items
- Handmade crafts
- Old coins and idols
- Traditional musical instrument
Effects on buyers and sellers:
- It is difficult for buyers to find, prices may be high due to limited availability and sometimes lack of knowledge for a particular product.
- The main problem of seller is to sell an item, if can take a longer time to find buyer and fair price.
The different ways in which artists can find buyers for their work today are:
- Art fairs, cultural festivals and exhibitions to show their work to public.
- Online platforms like art websites, e-commerce and social media.