The Role of Markets in People's Lives
Class 7 Social Science · Chapter 12: Understanding Markets · NCERT Exploring Society: India and Beyond section 12.4
Learn
Markets let us get what we cannot produce ourselves: without them, farmers' grain and Surat's cotton could not reach those who need them. Some products lack a ready market: Zoya's aunt paints oil paintings but struggles to find buyers, since few people buy art locally; today artists use exhibitions and online platforms. Markets also send signals: when many buyers want refrigerators that use less electricity, producers make them, which benefits society.
Markets are more than money. Families keep trusted relationships with tailors, jewellers and grocers for generations, often settling a monthly account. In Imphal, Ima Keithal (Mother's Market) has about 3,000 shops all run by women, giving livelihoods and bringing communities together. In parts of south India, sellers of haldi and kumkum add a little extra free as a sign of good wishes.
Explore: what kind of value?
- Sort each example.
Remember
- Markets let people get goods they cannot make, and their signals guide producers.
- Markets also build relationships and community, like Ima Keithal in Imphal.
Quick check
Ima Keithal in Imphal is run by …
- about 3,000 women
- the army
- an online app
- foreign traders
Answer
about 3,000 women. It is a source of income and a meeting place of cultures.
Think about it
What would life be like without markets?
One answer
Each family would have to grow, make and repair almost everything itself or barter, so life would be harder, choices fewer and specialised skills rare.
Practice
Practise with fresh questions at three levels (easy, medium, hard), some answered hands-on, with hints and worked answers. Get 4 of your last 5 right to finish the topic.