Social Science · Class 7
Economics: Markets Around Us
Learn Economics: Markets Around Us with notes, examples, and practice questions.
4 sections15–25 min read6 MCQs · 2 examples
Chapter Overview
Markets Around Us explores how people access goods through different market types, role of money and credit, and how Adivasis and small producers participate in markets.
Market Places
- Neighbourhood shops, weekly markets, shopping complexes
- Same product different prices and quality
- Seasonal markets for festivals
Adivasi and Forest Markets
- Tribal communities collect forest produce — mahua, tendu leaves
- Traders often give advance credit at low prices
- Forest Rights Act recognises community rights
Money and Credit
- Barter replaced by money — medium of exchange
- Banks provide safer savings than moneylenders
- Self-help groups (SHGs) for women's credit
- Fair price shops — PDS
Solved Examples
Step-by-step solutions — read each step before checking the final answer.
SHG
How do self-help groups help women?
- 1Pool savings and lend to members
- 2Collective bargaining; skill training
Answer
Group credit and empowerment without exploitative moneylenders
PDS
What is Public Distribution System?
- 1Government sells subsidised food grains via ration shops
- 2Targets poor households
Answer
Subsidised essential goods through ration shops
Key Points to Remember
- ✓ Markets vary by place and product
- ✓ Small producers often lack fair prices
- ✓ Credit access reduces exploitation
- ✓ PDS ensures food security
Exam Tips
- • Compare weekly market and mall
- • Role of SHGs
- • How PDS works
Practice MCQs — Economics: Markets Around Us
Test your understanding with topic-wise multiple choice questions. Explanations appear after each answer.
Question 1 of 6Score: 0/0
PDS sells through: