Come To Learn – Social Science Resources for Classes 6 to 10

  Exercise Question Answers Chapter 12-Understanding Markets(Theme E-Economic Life Around Us)  Subject Social Science Class 7 ************************ 1.  What are the main features of a market? Recall a recent visit  to a market to purchase a product. What are the different  features of a market that you observed during this visit? Answer: A market is a place where buyers and sellers meet to exchange goods or services. One key feature is price negotiation , especially in informal or local markets. Markets have variety of goods , ranging from food to clothes and electronics. They often involve interpersonal interactions and bargaining. Payment methods can vary: cash, UPI, or card. In my recent visit to a vegetable market, I saw vendors calling out prices, people comparing items, and many buyers using mobile UPI for quick payments. 2.  Remember the epigraph from a famous economist at the  beginning of the chapter? Discuss its relev...

  Multiple Choice Questions- Chapter 12-Understanding Markets(Theme E -Economic Life Around Us) Subject Social Science Class 7 ************************** Multiple Choice Questions (MCQs): What is a market? (a) Only online buying (b) Only physical shops (c) A place where buying and selling happens (d) A food court Ans: (c) What is the local word for market in Kannada? (a) Haat (b) Mārukatté (c) Mandi (d) Shandy Ans: (b) Which historical market was located near Virupaksha Temple? (a) Surat (b) Hampi Bazaar (c) Varanasi (d) Delhi Haat Ans: (b) What is the essential condition for a transaction in a market? (a) Advertisement (b) Negotiation (c) Agreement on price (d) Discount Ans: (c) What do buyers and sellers do to fix a price? (a) Argue (b) Ignore (c) Negotiate and bargain (d) Fight Ans: (c) What happens if the seller fixes the price too high? (a) Buyers buy more (b) Buyers walk away (c) Price increases (d) Farmers gain Ans: (b) ...

  Multiple Choice Questions- Chapter 11-From Barter to Money(Economics) Subject Social Science Class 7 ************************** Multiple Choice Questions: What is the barter system? (a) Use of coins (b) Use of paper notes (c) Exchange of goods without money (d) Use of credit cards Ans: (c) Which of these was NOT commonly used in barter? (a) Cowrie shells (b) Tea (c) Computers (d) Salt Ans: (c) What is meant by "double coincidence of wants"? (a) Wanting two items at once (b) When both parties want what the other offers (c) Having more than one buyer (d) Selling to two people at the same time Ans: (b) What was one major limitation of barter? (a) No exchange (b) Only done in markets (c) Difficult to find matching wants (d) Fixed prices Ans: (c) What is portability in money terms? (a) Ability to use in all countr...

  Exercise Question Answers Chapter From Barter to Money(Economics) Subject Social Science Class 7 ****************************** 1. How does the barter system take place and what kinds of commodities were used for exchange under the system?  Answer:  The barter system is the exchange of goods or services without using money. It requires a "double coincidence of wants" — both parties must want what the other offers. Commonly used items included cowrie shells, salt, tea, tobacco, cloth, and cattle. People in different regions used locally available commodities. Goods like handmade items and food produce were exchanged directly. 2. What were the limitations of the barter system?  Answer:  Difficulty in finding a double coincidence of wants. Lack of a common standard of value for different goods. Problems with portability — large or heavy goods were hard to carry. Issues with divisibility — goods couldn’t always be divided fairly. ...