Understanding Markets Class 7 Very Short Question Answer
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Understanding Markets Class 7 Very Short Question Answer
Understanding Markets Class 7 Very Short Question Answer
Question 1.
What is AGMARK?
Answer:
AGMARK is a certification mark for agricultural products in India, ensuring quality and safety.
Question 2.
What is the significance of price in a market?
Answer:
Price is crucial as it determines the willingness of buyers to purchase and sellers to sell goods.
Question 3.
What factors influence the price of goods in a market?
Answer:
The price of goods is influenced by demand from consumers, supply from sellers, production costs, and competition.
Question 4.
Discuss the importance of certification marks for consumers.
Answer:
Certification marks assure consumers of the quality and safety of products, helping them make informed choices.