1. In what ways is a hawker different from a shop owner?
Answer:
Hawker is a kind of non-permanent shop that usually moves and provides door to door survices. Hawkers also do not own and pay the rental of the shop, do not need to pay electricity, wages, etc where to shop owner has to pay all the above cost. That is why goods are cheaper in the hawker compared to the shop.
3. Explain how a chain of markets is formed. What purpose does it serve?
Answer:
As we know that goods are produced in factories, fields, and in homes. But we directly do not buy from there. There are traders in between producer and consumer.
- Some traders are a wholesaler that sells larger quantities to retailers.
- Some traders are retailers that sell directly to the consumer.
- The stakeholder of the market are connected to each other and formed the chain of the market.
It fulfills the demand-supply principle of the market and facilitates the market.
4. ‘All persons have equal rights to visit any shop in a marketplace.’ Do you think this is true of shops with expensive products? Explain with examples.
Answer:
Actually, every person has the rights to visit any shop, but poor people can not afford to price expensive branded items.
5. ‘Buying and selling can take place without going to a marketplace.’ Explain this statement with the help of examples.
Answer:
Nowadays, there the e-marketing. We buy and sell products from e-market sites such as Flipkart, Amazon, etc. Without going physically to the market.
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